With all things being equal, the simplest explanation tends to be the right one.
And that is, that there are an abundance of Australian owned companies with Graphene stockpiled with no-one to sell it to, unless you have a foot in Europe.
Hopes were that China would become a major customer but they are re-opening their own mines in the wake of Covid and the US/China trade war, and relations between Australia and China easing anytime soon is highly unlikely.
Ann: Hazer & Mineral Resources Terminate Collaboration Agreement, page-92
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