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Syrah Resources ( (AU:SYR) ) has provided an update.
Syrah Resources Limited announced that its subsidiary, Syrah Technologies LLC, received an approximately US$11.7 million payment from the US Internal Revenue Service under the Section 45X Production Credit of the Inflation Reduction Act. This credit is linked to the company’s Advanced Manufacturing Production at its Vidalia, Louisiana facility. The funds, which are held in restricted accounts, can be used to support operating costs at the Vidalia facility. The company is eligible for credits equivalent to 10% of production costs, with the credits phasing down from 2030 onwards. This financial boost is expected to support Syrah’s operational costs and strengthen its position in the market.
The most recent analyst rating on (AU:SYR) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Syrah Resources stock, see the AU:SYR Stock Forecast page.
More about Syrah Resources
Syrah Resources Limited is an Australian Securities Exchange listed industrial minerals and technology company. It operates the Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facility in the United States. The company aims to be a leading supplier of high-quality graphite and anode material products, focusing on adding value in battery and industrial markets.
Average Trading Volume: 5,560,439
Technical Sentiment Signal: Sell
Current Market Cap: A$339.5M
For a thorough assessment of SYR stock, go to TipRanks’ Stock Analysis page.