Potential Upside of WKT - Expandable Graphite, page-77

That`s quite hefty. Roughly a factor of 10.
Concentrator alone is > 100M.
I don`t believe sub 50M Capex anyway.
WKT puts some of the Capex into Opex, since they use a contractor (trucks and stuff like that don`t have to be bought by WKT, so they don`t appear in the Capex). Thats perfectly legal, but still doesn`t account for the huge difference.
It`s a pity that i couldn`t find a breakdown of the capex into single items (WKT). Maybe somebody can point me to that.
But, i think the biggest challenges will be ramp-up phase and keeping opex in line to get all those nice flakes.
And no, i am not down ramping, this applies to all graphite plays around.