CR, page-27

We need to see the actual sale prices from both companies duke.
There's no doubt that graphite prices have risen considerably since 2004 with a spike in 2010 -2012, as a result of higher demand due to restocking, growth from China and new tech such as lithium batteries. Also in 2010-12 the imposition of taxes and permits on Chinese graphite exports levied to control environmental damage restricted supply. But since 2012 graphite prices have declined as China defied expectations that it would not increase production. But prices are still higher than a decade ago. The other price cloud is any weakening in world economic recovery that may reduce demand. A problem in trying to track prices is that graphite is not an openly traded mineral and prices are negotiated privately between customers and producers under spot or term contracts. So from an investors' viewpoint we are totally reliant on the disclosure of sales prices from graphite companies. So far we are not getting that transparency from either Flinders or Valence.