future value, back of envelope, page-7

Some more thoughts:
Graphite's use as a carbon raiser in steel was once much higher. A low cost producer could compete with petroleum coke and offer a superior product. If this eventuates and syrah captures 10% of this market then multiply by 2 to 3 the amount you think they could be producing.

Low cost graphite could replace, in some products, other forms of carbon such as carbon black.

Synthetic graphite is about a 1 million tpa market. I've read that natural flake graphite could substitute for half of it.

Macro scale graphene is still a dream however nano scale graphene is another story. It's usually made top-down from graphite. A number of produces (XG Sciences, Angstron,etc) are wanting to commodify the product over the next few years. This means potentially explosive growth of the graphite market.

As a reply to the post about germanium batteries,
look at the current production of germanium, the known reserves and the current cost per gram. It might one day supply the entire hearing aid battery segment.