here's my problem, page-38

HC,

hate to once again disagree with you.. but its not a moot point from a processing POV. Especially where capital costs come in. The larger the yield window (i.e. 5% yield to 20% yield for producT) the larger all your plant costs will be.

You could make the arguement for stockpile blending etc but in reality to correctly design the plant the max and minimum yield make a huge impact on costs.

Not just plant costs either, but also for product mine planning (truck fleet logistics) and materials handling (product conveyor may be 4x bigger its nominal run rate because of yield variation).

All of this creates bigger capital, means their ROI and NPV suffers.. not a moot point unless you're assuming continually high graphite prices.. which we have discussed (and agreed I believe) is a fallacy not worth betting on.

Even with extremely low forecast operating costs, commodity price will never allow huge margins forever, as everyone will jump to that commodity and over-supply.. tier 1 assets and low-cost producers will reign supreme.. as always.