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Syrah Resources Reports Negative Cash Flow of $37.04m for the December 2016 Quarter

21 Feb 2017  |  19:45:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: December Quarterly Activities and Cashflow Report

Syrah Resources reported negative cash flow of $37.04m for quarter ended 31 December 2016. Operating cash flow for the period was $(36.79m). Investing cash flow was $(253,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $163.3m. The Company reported that Balama Project remains on schedule for commissioning in Q2 2017 with production and ramp up commencing in Q3 2017. Project capital cost has increased from US$185m to US$193m plus a project contingency of US$7m. The Company updated the market on its downstream strategy in November 2016.

Consolidated Statement of Cash Flow for the Quarter ended 31 December 2016

Current Quarter $US'000- 31 December 2016 Year to Date $US'000-12 Months
Net Operating Cash Flows (36,789) (117,061)
Net Investing Cash Flows (253) (257)
Total Operating and Investing Cash Flows (37,042) (117,318)
Net Financing Cash Flows 0 140,488
Net Increase (Decrease) in Cash Held (37,042) 23,170
Cash at Beginning of Quarter/Year to Date 201,280 139,978
Cash at End of Quarter 163,297 163,297
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