Ann: Production of Battery Specification Anode Precursor Material, page-83

Panda7 your statement that "if Syrah is not making money then no one else is...no one that is producing reasonable volume that is" is not correct. Remember Syrah is a public shareholder company with no graphite experience. All successful graphite mines to date are owned by private investors with graphite experience. For example both Nacional de Grafite (Annual capacity of 90,000/mt) and Établissements Gallois (Annual capacity 150,000/mt) are both large graphite mining companies outside of China and profitable. Also note they both are only producing today at about 60 % of their total annual capacity since today market demand does not require all of their capacity and both graphite mining companies are still profitable even at today's low market prices.

Also it is important to note that privately owned graphite mines are able to invest in new or increase capacity at considerable lower CAPEX dollars then what Syrah invested which is because of their graphite experence.