Yes, the BKT team have missed their own deadlines many times, but I'm aware of nothing that indicates any fundamental problem with the Mahenge project. It's a matter of ticking the final few boxes before making FID. All indications are still that the mine will be very profitable, even at current low graphite prices. The whole graphite sector has been smashed over the last 18 months due to falling prices, which wasn't expected. The EV growth rate slowed faster than expected, but still remains healthy, and that resulted in an oversupply of (especially synthetic) small flake graphite. Due to Mahenge's primarily large flake mix, the collapse of the fines price only makes a small difference to the overall profitability. What gives me the most confidence however, is that amount of shares held by the board and especially by JDV. As far as I'm aware, he hasn't sold a share.
BKT Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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