Ann: Downstream Graphite Processing JV set to Commence in India, page-8

Not sure I know why you "wonder how much longer they (the unusually good margins) last as other projects develop", Woody?

The high margins and low CAPEX are specific to this project... fullstop... and one that is projected to grow with demand. Neither our other projects or competitors' projects will have a bearing on Panthere's earnings or CAPEX or OPEX.

You are right, the margins are unusually high... that's simply because EG command high prices. Its a niche market and unless a competitor has the technical know-how (which we do with Metachem's decades producing EG) and the all-important BOA (which we do with Grafitbergbau) then they can't compete. The CAPEX is low - its not like developing a graphite mine and processing facility... hence, why its such a smart move by BEM.

The financials of this project will hold BEM in good stead with attracting the finance needed for the Maniry development. If we can land more offtake agreements to warrant increading the output of the proposed plant, then that's when the $ will really make a difference. Today's ann was a long time coming but still a fanatastic milestone for BEM. Well done to management... albeit long in the tooth (pardon the pun)!