Stocks to watch
SYR - SYRAH RESOURCES - down 23.5 cents, or 33.3 per cent, to 47 cents
The Melbourne-headquartered graphite producer has decided to significantly reduce production at its mine in Mozambique as prices in China have plummeted, driven by the depreciation of the Chinese yuan and Chinese inventory level concerns.
SFX - SHEFFIELD RESOURCES - down 9.5 cents, or 19.4 per cent, to 39.5 cents
Sheffield has received commitments to raise up to $18 million through a share placement to develop its Thunderbird mineral sands project in northewest Western Australia.
MSB - MESOBLAST - up 32.5 cents, or 22.3 per cent, to $1.78
The Melbourne biotech company partnered with German pharmaceutical giant Grunenthal to commercialise its stem cell-based treatment for chronic lower back pain.
Grunenthal will have exclusive rights to sell Mesoblast's MPC-06-ID stem cell injection in Europe and Latin America in exchange for up to $US150 million in up-front payments, with milestone payments that could exceed $US1 billion depending on the final outcome of studies and patient adoption.
NIC - NICKEL MINES - up four cents, or 6.1 per cent, to 69.5 cents
In a presentation to the Melbourne Mining Club, managing director Justin Werner said that Nickel Mine's Hengjaya Nickel and Ranger Nickel projects in Indonesia are "performing strongly and well in excess of nameplate capacity," the company told the ASX.
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