Shares in industrial minerals and technology company Syrah Resources Ltd (ASX: SYR) have dropped down 5.3% to $1.88 at the time of writing – a 52-week low for the stock – on the release of its third-quarter activities report today.
Syrah shares have only recently returned from a trading halt following the release of a report on a fire at its Mozambique Balama project.
Syrah has a track record of missing production targets, so it's little wonder investors have run a mile from the stock in the last 12 months.
Today's update has fourth quarter production targets at between 30kt and 35kt – down from previous targets of 63kt – with the company now targeting positive cash flows from its Balama operations in the first quarter of 2019, rather than late 2018 as previously flagged.
Despite its lows, Syrah is unlikely to pick up many new investors until things start to improve operationally, with commodity-focused punters best to stick to the likes of sector stalwarts like BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited Fully Paid Ord. Shrs (ASX: RIO) for the time being.
