General Discussions, page-30506

I agree with you comments on liquidity.

I also hold BKT & WKT. In my view Posco is also interested in shorter term supply ex-China. These Tanzanian projects are fundable because they are both high margin. Low cost & high basket price. For example, WKT announced yesterday that their contracted FOB cost is $420/t & are already making spot sales to Asia. Being much higher grade & in country 6.2c/Kwh power certainly helps. BKT are nearly finished putting their debt funded package together without any government support. WKT got commercial high yield debt to complete their build. WKT is producing & selling now and BKT will be in 2-3 years. While smaller than RNU they will ride the rise in graphite price.

My concern is that DC won't pull the FID trigger untill the price recovery is in full swing. How much of the cycle will we miss? Lets not forget all commodies are subject to cyclical pricing. I think in scale Sivior is highly valuable but in the long term. Thats why I hedged my portfolio of the graphite thematic with some short term bets as well.