Other Projects: Australia and Saudi Arabia
LYNDHURST, SOUTH AUSTRALIA (50%)Syrah Resources has an active joint venture with Zurich Resources Pty Ltd covering two granted Exploration Licences at Lyndhurst, South Australia. Each party has 50% ownership in the joint venture. Zurich are currently fully funding and conducting exploration programs to eventually earn 80% ownership at the completion of a Bankable Feasibility Study.
The Lyndhurst project is prospective for oxide and sulphide copper. Syrah was successful at delineating oxide copper mineralisation at the White Lead prospect in 2008.
Zurich has focused its exploration programs on sulphide copper and during 2011 identified several high priority drilling targets using geophysical surveys.
SAUDI ARABIA (100% OWNERSHIP)
On 7 November 2012, Syrah signed a Memorandum of Understanding with an investment syndicate comprising both Saudi and Australian interests that will result in Syrah divesting a 90% ownership stake in its Saudi subsidiary holding a portfolio of Saudi Exploration Licence applications.
The two parties are currently finalising a formal agreement to execute the sale of this asset. This transaction when completed will result in Syrah having a minor and passive interest in the Saudi entity.