General Discussions, page-19869

I don't think so. If it were a labour intensive gig then yes, but I think it's largely a technology and equipment business. Big tonka trucks and processing plant, close to rail/road and ports. If we can value add (e.g spheronising/silicon coating) close to the mine at scale, we keep the logistics costs down. If we can use new tech/thinking such as use of less environmentally damaging acids and co-location with grey water access, we can also add a strong ESG/emissions position (and assurance on this front) which is critical to be a credible part of the EV supply chain. Couple that with low sovereign risk and we're looking increasingly good. Actually, it's a whole lot better than low sovereign risk. As we know, the likes of Europe and USA are aggressively pursuing alternatives to China i.e. there is both national and strong global desire for the likes of siviour to progress and progress quickly. I think an elevated capex cost to start will be a small blip in the total life of the mine. If the graphite and PSG prices rocket as we hope, the NPV will follow.