Interesting questions, Essa, but they prompt me to ask: Where is the "obvious short term risk"? Where is the "punt"?
Syrah have just reaffirmed their Balama production targets for 2018, with high grade, increasing yield, and a volume in excess of 100K tonnes. Admittedly, there has been a hiccup in the ramp-up, with fire damage to one unit affecting production in September and October. But even in start-up mode, with a part-year's production, Balama is going to finish 2018 with production substantially greater than any other graphite mine in the world, and on-track to more than double that volume in 2019. It looks very probable that Syrah will be cash-flow positive in the next quarter.
Of course, it all depends on an individual's view of what constitutes a return horizon, but wouldn't it be fair to say that most analysts would rate the current position as close to "de-risked"?
Cheers
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