No use having a working mine if it is not producing, it is currently running limited campaigns basically at a loss in those campaigns and costs $4 mill a month when not producing, it is virtually on care and maintenance.
It is struggling to survive, they had to lower the conversion price of the convertible notes to get Aus Super to convert to shares rather than cash as SYR could not fund cash payment in October. Aust super are taking the company bit by bit at bargain prices and being paid for the privelege, the convertible notes issued in the last 12 months are paying them over 10%.
Its a feel good story that is just living on the hope that China won't flood the market to drive the price of graphite even lower.
Ann: Kathleen Valley Debt Facility, page-141
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