Ann: Valence Signs 3 Year Graphite Sales Contract, page-33

The problem here ausheds is what happens to the unsold mineral. Let's say (for the sake of argument) that 70% of production is sold making a $300 estimated profit on each tonne. That translates into profitability if and only if the remaining 30% can be sold for at least 70% of the COP. If it can't be then the overall COP rises and reduces profitability on the coarse mineral being sold. The last time I looked at Industrial Minerals price guide fines were down to $300 a tonne and medium flake $500. So the company needs to tell us what the deal is for all their production.
As usual we get told part of the picture and then have to estimate/ guess.