Ann: EcoGraf Signs Framework Agreement with Tanzanian Government, page-65

@Shellbell

I like your enthusiasm but there are several additional factors to consider:

1. Unless the plan has changed from the one below, both the spherical graphite and graphite fines will be exported. If both are being exported to similar locations then there is only a very limited volume shipping gain because almost all the graphite will still be exported in one form or another.


2. It's unclear if any of the By-Product Fines products also need higher levels of purity than what comes from mine-site concentration. If they do, they benefit from co-location between the shaping plant and the purification plant. Going with geographically separate plants would make realising these fines revenues more difficult. We don't however have enough information to know if that swings investment location decision.

3. I suspect that on a weight basis, bulk commodity shipping is cheaper than containerised shipping. If this is correct, starting containerised shipping further away from the customer may cause shipping costs to increase rather than decrease, even if the weight shipped is modestly reduced.