Ann: Syrah Signs MOU with BTR New Energy Materials Inc., page-31

It wasn't so much a questioning of volumes of the product, my comment was more to do with the exclusivity agreement between Chalieco and Syrah.


From the BOA agreement with Chalieco;



A direct concentrate agreement with BTR, as Deutsche seem to suggest, would contradict the above, orderbook filled or not. Unless, the feed-stock went through Chalieco to BTR, but then why make a fuss over a specifc MOU with BTR as a scenario like that should have already been factored into the agreement - Chalieco would just purchase more if BTR weren't already factored in to the supply agreement.

Sales of spherical graphite to BTR might be a different kettle of fish as I can't seem to find anything in the Morgan Hairong agreement that definitely points to exclusivity, although there is a "marketing" aspect to it.

Marubeni is for 50,000kpta of spherical graphite, which would require ~100,000ktpa of -150um flake. My understanding was that the Marubeni, Hiller Carbon (as offcuts) and Morgan Hairong agreements would all be supplied from the 241,000ktpa -100mesh feedstock. I would assume, based on numerous comments from SYR over the last two years, any further sales to the battery markets (BTR inclusive) would also be supplied from this -100 feedstock.