Hey Scarpa, great post again…as usual.
An email from DC just before Xmas confirmed we are still on track and that he did not expect delays.
During multiple discussions with him he reiterated his belief that graphite pricing would increase materially so I gather that since it hasn’t done so yet, he may be delaying the timing of certain milestones. All the while still progressing toward FID and commencing production.
The price as reported by benchmark is a major issue for graphite miners ex China around the world. Because there is no i dependent spot market for this commodity we rely on data heavily manipulated by China.
As we saw during the post GFC period whilst China was building highways to nowhere and hundreds of empty buildings that all required our Iron Ore, they were very smart in manipulating pricing at at time when we could have basically asked for any price we wanted.
Instead all the China buyers filled their stockpiles as they knew prices were pointing north, and then commenced to draw down those stockpiles, driving short term pricing right back down again.
They did this over and over and over again and our stupid iron ore producers fell for it each and every time.
So to think China is playing clean and fair now would be a mistake in my view.
Having said that DC confirmed to me last year that we can have a mechanism built into any binding agreements that allow RNU to share in upside price moves of the underlying product.
I feel we are in very capable hands. But he certainly could increase his shareholder engagement. Having said that he previously knew how to turn the PR machine on so one might need to ask, why so quiet?
What possible reason could there be for zero shareholder engagement?
Something to think about.
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