Ann: March Quarterly Activities and Cashflow Report, page-35

Thanks, Skorpian. That's an important point, which I failed to clarify. In producing 25K tonnes of spheroidal graphite, they will use about 60K tonnes of input graphite. And, as you rightly point out, uncoated spheroidal graphite is worth about US$3500 per tonne, which goes to something like US$7000 after coating, at which point it can be used in batteries.

And that's not really the end of the story. The input to the spheroidal graphite process is already a highly pure form of graphite (99.9% carbon), so the material milled away (60%, as Skorpian mentioned) to make the tiny, potato-shaped spheroids is still a valuable by-product - very high-quality, fine-flake graphite. I understand it can be used as a topline recarburiser for quality castings, and is therefore probably worth about $1000 per tonne.

Not bad, when we remember that Balama looks like being right at the bottom of the cost curve for both production and processing.

Cheers,

Prime1