Ann: POSCO completes US$7.5m 15% Investment in Black Rock Mining, page-25

Hi mjp2...maybe 'totally disagree' was a little strong and also incorporates that I might have misunderstood your point a little initially as it seems we are indeed quite close on views.

I think the dynamics in the EV material space are quite complicated and I feel I'm moderately across it. The main misconceptions as I see them are around technology and graphite supply. Starting with technology it's not all about new battery technology per se. Like many new areas initially it's about what the car makers (battery makers ) bring to market. They simply aren't going yo make the multi billion dollar investments that are currently underway without getting a return on capital outlay. From my understanding most of the most imminent reported battery breakthroughs can't be easily resolved-tooled into existing plants. I think the semiconductor/chip market is a reasonable analogy whereby there is new technology floating about but the reason there's only 2 real players is that it is a minimum $30billion spend for a single new chip plant.

Secondly, I think there is a bit of first mover advantage in graphite supply. I'm simple terms if POSCO hitches it's wagon to say BKT then it will meet their needs relative to the first point for as long as that takes and like you I think that's late 20s at the earliest. As long as the material is suitable then it kind of doesn't matter if someone makes some grand new discovery because bankers generally aren't fools and such a discovery would never get finance if the knowledge of a slowing demand for graphite becomes better known. So I'm not saying that BKT is a 50yr BHP simply that it is in the sweet spot for a minimum of 10years and on those parameters there's a lot to be made.