It's in the difference between purity levels.
VRC aims to sell a 95% concentrate that requires a separate purification step before it can be used as anode material.
MNS aims to sell a 99% concentrate that does not require a separate purification step, and can therefore capture a higher price as it costs less to process. Size is irrelevant (excluding process yields) when making spherical graphite.
The products both companies plan to produce are not identical
Ann: Pre-Feasibility Study Completed, page-106
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