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BRIEF-Syrah Resources Announces Immediate Head Count Reduction Of About 30% At Balama

Published 18/10/2019, 06:59 pm
BRIEF-Syrah Resources Announces Immediate Head Count Reduction Of About 30% At Balama

Oct 18 (Reuters) - Syrah Resources Ltd SYR.AX :

* STRUCTURAL REVIEW OF CO COMPLETED IN RESPONSE TO A SUDDEN AND MATERIAL DROP IN FLAKE GRAPHITE PRICES DURING Q3 2019

* IMMEDIATE HEAD COUNT REDUCTION OF ABOUT 30% AT BALAMA AND ASSOCIATED STAFF COSTS

* IMPLEMENTING SERIES OF MEASURES TO ENABLE CONTINUED BUILD OF SUSTAINABLE BUSINESS IN LITHIUM-ION BATTERY SUPPLY CHAIN

* SIGNIFICANT RESTRUCTURE OF CORPORATE EXECUTIVE ROLES HAS BEEN UNDERTAKEN

* CURRENTLY PLANNED 2020 PRODUCTION OF 120KT TO 150KT FROM BALAMA

* ANNOUNCES IMMEDIATE ACTION TO PRODUCE AT MINIMUM CONTINUAL PRODUCTION LEVELS IN Q4 AT ABOUT 5KT PER MONTH AT BALAMA

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