Insurgent attacks near Syrah Resources’ Balama graphite operations in northern Mozambique prompted the Australian miner to preemptively suspend movement on a key transport route, the company said on Thursday.

Syrah’s stock fell as much as 15.3% to A$1.30 in one day, the lowest intraday level since April 2020.

Even though logistics and personnel movements on the route have been halted, the company said mining and processing operations at the graphite project in South Africa remain unaffected.

The attack is the second confirmed incident in the Ancuabe district in recent days, Syrah said

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