Ann: Tanzanian Update on Nachu Graphite Project, page-233

Panasonic seems to be earning a net margin of ~1.4% on batteries per this bloomberg article https://www.bloomberg.com/gadfly/articles/2017-05-30/panasonic-start-your-engines

Their entire Automotive division is earning a margin of 3.5%
https://www.panasonic.com/global/corporate/ir/pdf/2016_full/financial_results_note_e.pdf

Battery producers are in an all out war of scale and in the interim, there is not enough current demand so no one is looking to invest 10-20m in small players.....the big players have deep enough pockets to live off small margins and are looking towards 2025 onwards when EV and storage kicks off in a major way, but only the top 3-5 players will survive.

You only need to look at the solar panel market to see what has happened.....production is a low margin business with the profits all in supplying the raw materials or in the installation/after market activities; this is exactly where the battery market will end up....only the cheapest manufacturers will survive. The winners are those providing the inputs to these manufacturers and MNS has apparently $1.6bn dollars of that stuff just sitting in the ground.

If MNS technology was worth anything, LG, Panasonic, BYD, Mitsuibishi would be falling over themselves to buy it.....this not happened.

What MNS have is graphite in the ground.....dig it & sell it!