Of the super-pits, MNS now has 2 "large" off-takes, without SYR...

Of the super-pits, MNS now has 2 "large" off-takes, without SYR or TON announcing a single one (MOU's don't count).

To me, this confirms that quality is much more highly valued than quantity. TON/SYR have been spruiking their deposit size and grade as their main reason for investor and buyer interest (and by extension, their low cost operating model). On the basis that MNS off-takes are genuine (and nothing from the company announcements would indicate otherwise, at this stage), it's a clear repudiation of the TON/SYR marketing story. Buyers want quality over quantity, and are prepared to pay for it.

Geologically speaking, the Tanz graphite is showing up as higher/better quality than the Moz graphite, and the increased revenue more than makes up for the increased costs (when compared with the TON/SYR potential costs).

Good on MNS. Assuming the Chinese off-take partners can link in with Chinese funding (as the announcement alludes to), then I'd be expecting a re-rating over the course of 2015.