Balama’s capital cost has been upped by $8 million to $193 million “plus a contingency of $7 million”.

The project is said to still be on track for commissioning next quarter.

Syrah is currently debt-free.

In June last year it raised $A194 million by issuing new shares priced at $6.05.

At the start of October Syrah had $263 million and was flagging $51 million of expenditure in the December quarter.

ASX graphite sector leader Syrah is aiming to be a major concentrate producer and is also looking at further downstream processing to produce battery anode material for the burgeoning lithium-ion battery sector.

Shares in Syrah were down 0.75% to $3.305 in late trade, capitalising the company at $872 million.