(MENAFN - ProactiveInvestors - Australia) Syrah Resources (ASX: SYR) has gained Credit Suisse Holdings (Australia) as a substantial shareholder with a 5% interest.
Credit Suisse now holds 6.77 million shares.
Syrah continues to impress at its Balama Graphite-Vanadium Project in Mozambique, with the project having attained the rank of world's largest graphite deposit with significant vanadium.
A maiden resource has been delivered for the project that far exceeds the initial exploration target of 400 to 500 million tonnes at 10% total graphitic carbon (TGC) previously outlined for Balama West.
The global Inferred Resource for Balama West is 564 million tonnes at 9.8% TGC and 0.21% V205 at a 5% TGC cut off.
The contained graphite of the Balama deposit is expected to exceed the rest of the world's reserves of graphite as recorded by the USGS (77 million tonnes as at 2012).
Balama's vanadium resource also now exceeds that of the world's largest operating vanadium deposit, Xstrata's Rhovan in South Africa.
Syrah expects Balama to be one of the lowest cost producers of graphite in the world, including China.
Given that the independently prepared resource exceeded the exploration target for Balama West, the company is also confident of exceeding the exploration target for Balama East.