I'm not a holder, but this appears to be a very positive step...

I'm not a holder, but this appears to be a very positive step for MNS, particularly to be first among the 'super-pits' to achieve a binding off-take.

SINOMA appeared to back off their initial MOU slightly (off-take decreased to 80 ktpa instead of 100 ktpa), and deal is for 5 years initially, not 10 as first intended, although I dare say that's more about managing risk for SINOMA rather than an indication that they don't want to have graphite supply for longer. In the super-pit space, the Tanzanian geology appears much more favourable than Mozambique, which is a big tick for MNS.

I look forward to seeing the scoping study. I'm personally cautious on the sale price expectations, as I think there is a bit of gilding the lily with the $2K per tonne current price, because the MNS corporate presentation (26/11) copies the Stormcrow pricing for 2014 which is under $2K per tonne, but I think the main point is that irrespective of the actual price, it's likely to be fairly profitable, and I'd expect margin of just over $1K per tonne in the final feasibility (depending on the costs, which haven't been released yet), which is a very profitable mine if all that is borne out.

For what it's worth, my sentiment previously was hold, and is now a buy, albeit cautious, as I'm keen to see some actual numbers for the project. Well done to management thus far. Definitely a marketing fillip to get ahead of SYR and TON on the large off-take front.