HomeBase MetalsSyrah Resources MD resignation won't impact Balama construction

Syrah Resources MD resignation won’t impact Balama construction

According to a Syrah Resources statement, Tolga Kumova has also resigned as a director of the company although he will stay on as an advisor, focused on business development opportunities for the battery anode market.

“The board wishes to thank Kumova for his outstanding service to Syrah Resources, where, in the last two years in this role, he has overseen the transformation of the company from an aspirational graphite producer to a fully-funded company in advanced construction of the Balama project in Mozambique,” says Syrah Resources.

Kumova’s resignation and initiation of a search for a new MD is part of a transition reflecting the evolving strategic direction of the company and the key development activities it is currently undertaking.

The board has commenced a formal search process to identify a new MD for the company, and anticipates that this should be completed within coming months.

Until a new MD is appointed, Syrah’s current Chairman, Jim Askew, will assume the position of executive chairman in a part-time capacity, supported by a strong management executive team in Melbourne head office.

In addition, Balama construction continues under the full control of Darrin Strange (COO) and his team in Perth and Mozambique.

Sam Riggall will act as lead independent director until Askew resumes his role as non-executive chairman.

The material terms of these interim arrangements will be announced to the market once formalised.

Furthermore, the Balama project overseen by an experienced development and construction team in Mozambique remains on schedule and is progressing well toward commissioning of the mine in Q2, 2017.

In this respect, the board is confident that, notwithstanding the management changes, the successful development of the project will continue.

Askew comments: “The board thanks Tolga for his significant contribution and great vision in driving the success of Syrah in its achievements to date and his capacity to deliver a cogent strategy for product delivery to both traditional graphite markets and the burgeoning demand for high quality natural graphite into the EV space.”

“Tolga’s continuing involvement with the latter will ensure Syrah remains at the forefront of providing new supply to the battery anode industry,” says Tolga.

Kumova adds: “I would like to thank our stakeholders in Mozambique, our investors, the management team and board for their support in achieving Syrah’s vision. We have taken a junior explorer to development and soon to be leading producer of superior quality graphite products to the world.”

“As a shareholder, I am strongly supportive of the direction the company is taking and will assist in driving Syrah’s strategy to become a significant participant in the battery anode industry,” Kumova concludes.