Ann: December 2015 Quarterly Activities Report and Appendix 5B, page-37

When you say that nothing of consequence was produced the company has a different take. They highlight the expense of redesign and building of a dam of substantial size and expense to contain tailings from the process and to meet strict government requirements to protect the underground aquifer. There was also a large expense incurred in training a new and inexperienced work force.
So lack of production (income) on one hand and high expenses on the other led to the mothballing.
On the income side that you focus on the COP was presumably very high because of bottlenecks but the short term fix costs just $500K for a spare ball mill/ minor plant improvements to increase production to 240t per month. The company may have around 100 tonnes of mineral at customer spec, even selling at a loss would make sense in their dire financial position and pay for about half that upgrade.
I've always had doubts about their COP and profitability in a tough and hard to break into graphite market but if profitable at 240t per month you might think they could survive under the new management.