SYR v RNU
I have only just started to try and understand what is going on with graphite and why the whole market seems to be tanking this year, so far I have realised that there is no easy way to compare two natural graphite producing companies, there are so many product and other variables at play and it depends how much weight you want to put on each. The history seems to be that share prices peak in the dreamtime (Syrah was upwards of $6 back in 2016) and drop when reality kicks in. But to my way of thinking there is just no comparison between Syrah and Renascor, Syrah is just so far ahead in every metric.
- SYR is operating, RNU is still in the dreamtime. One has experienced the multitude of difficulties that occur and the other is years away from having any practical experiences.
- Resource size. There is no comparison.
- Production capacity. 350ktpa existing v 80ktpa planned.
- Mine life. 50 years v 40 years.
- Total Graphite Content. 18.0% v 8.4%
- Production costs and Selling price. Real life v estimates.
- The two downstream plants are planned to produce different products.
- Finance. Syrah has Australian Super backing it all the way. Renascor is looking for backers.
Once whatever is happening in the market now (which I don’t in any way understand) and the forecasts depicted in the graphs (which I am somewhat sceptical of) come back into play surely Syrah is in the box seat to take advantage of the upside. It’s just when is this ever going to happen!!
1 Company Syrah Resources Limited Renascor Resources Limited 2 Stock Exchange ASX : SYR ASX : RNU 3 Country Mozambique Australia - SA 4 Project Balama Siviour 5 AAM Facility Texas USA Bolivar (Adelaide) 6 7 Mine 8 Ore Reserves - Proven 17,000kt 1300kt 9 Ore Reserves - Provable 24,000kt 2500kt 10 Mine Size 160ktpa currently 80ktpa startup 11 Mine Life 50 Years 40 Years 12 Production Capacity 350ktpa 80ktpa x 4 Yrs / 150ktpa after 13 TGC 18.0% 8.4% 14 Carbon Content 94% - 98% 15 Production Cost US$430 - US$480 per tonne US$350 tonne 16 Sales Price US$661 tonne (CIF) US$804 tonne 17 Time Frame Operating Tendering for Engineering Design 18 Capital Cost US$120m US$82m 19 Market China 64% - Other 36% Unknown (BAM Facility) 20 Battery Use - 85% 21 22 AAM Facility Vidalia AAM Facility Adelaide BAM Facility 23 Country USA Australia 24 Capacity 0.00ktpa USPG 28.0ktpa USPG 25 11.25ktpa CSPG 0.00ktpa CSPG 26 Expanded capacity 0.00ktpa USPG Unknown 27 45.0ktpa CSPG Unknown 28 Time Frame Pilot Plant - End 2023 Awaiting Investment Decision 29 Production Plant - Unknown Unknown 30 Capital Cost Pilot Plant US$190m Pilot Plant US$63m 31 Production Plant - US$539 Unknown 32 Production Cost CSPG - US$3020 tonne USPG - US$1989 tonne 33 Sales Price - Estimated CSPG - US$5000 - US$7000 tonne USPG - US$3815 tonne 34 Market Tesla - Non-binding MOU Posco Korea - Non-binding MOU 35 36 37 Directors Jim Askew - Chairman Richard Keevers -n Chairman 38 Shaun Verner - CEO David Christenson - CEO 39 Jose Manuel Caldiera - Lawyer Geoffrey McConachy 40 Lisa Bahash Stephen Bizzell 41 Sara Watts 42 John Beevers 43 44 Shareholders Australian Super No Major Backers 45 46 47 Market Capitalisation A$480 - Share Price A$0.71 A$469m - Share Price A$0.185 48 49 50 Future Actions BAM Facility AAM Facility 51 DOE Grant Investment Decision 52 DOE Loan Commission Pilot Plant ?? 53 Facility Start Up Optimised BAM Study 54 Global Demand and Prices 55 Complete Feasibility Sudy 56 BAM Quality Qualification 57 58 Mine Mine 59 Production Restart Securing binding offtake agreement 60 Expansion Tailings Storage Final project permitting 61 Vanadium Feasibility Study Financial due dilligence. 62 Global Demand and Prices Investment Decision 63 64 Stage of Development Operational Start of Construction
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Open | High | Low | Value | Volume |
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Buyers (Bids)
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4 | 110501 | 0.215 |
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13 | 332135 | 0.205 |
28 | 1263689 | 0.200 |
Price($) | Vol. | No. |
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0.245 | 279399 | 7 |
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