Ann: March Quarterly Activities and Cashflow Report, page-36

"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"

That's the good news - the high prices one can potentially achieve for coated/uncoated.

What about the costs involved in purifying, spheroidizing and micronizing + coating the raw graphite to get it up to spec to achieve these prices - they need to be factored in if a graphite  company intends to undertake this process themselves rather than "sticking to their knitting" and letting someone else do it. Plant set up/running costs, etc, etc, all need to be taken into account.  What's the profit margin after all those items are taken into account?  That's what investors should be asking rather than focusing ONLY on those "high" prices.

Industrial Minerals recently suggested "new, more economical processing techniques" using +80 mesh....in this report........

"At present, medium flake (-100 mesh) graphite from China is used to produce spherical graphite which is then coated in Japan. Should the new, more economical processing techniques take off in the next two years as expected, a large portion of this demand will be for large flake (+80 mesh) and spherical graphite production hubs will emerge in Europe and North America."

http://www.indmin.com/Article/3315690/Tesla-battery-plant-will-need-6-new-flake-graphite-mines.html

SYR's feed material was  ...  "less  than 100 US mesh (sub-150 micron) graphite as Li-ion battery grade spherical graphite is typically made from fine flake graphite".

Does that mean SYR's spherical graphite will be "less economical" than the "new" more economical process, using +80 mesh?

The above, of course, assumes Tesla will use natural graphite.