Graphite mining is dead

With the Hazer process right? Or so it's been said around here more than once before.

Yet MIN don't seem to think so with their latest deal with Hexagon resources..

Are they hedging their bets against this not scaling up?

HIGHLIGHTS
• McIntosh Stage 1 feasibility and development funding de-risked.
• ASX listed Mineral Resources Limited earn a 51% interest in the McIntosh Project tenements by exploration and development.
• Mineral Resources Limited to complete feasibility study and all Stage 1 development to commercial production and operate Stage 1 project through a life of mine Mining Services Agreement.
• 3-year timeline for commercial production.
• Marketing rights to be shared equally through a special purpose company.
• Hexagon to focus on downstream processing of graphite flake concentrates and examining opportunities to diversify into other specialty materials projects.
Hexagon Resources Limited (Hexagon or the Company, (ASX:HXG)) is pleased to announce that it has signed a binding Heads of Agreement (HoA) with Mineral Resources Limited (MinRes (ASX:MIN)) covering the development of Stage 1 of the McIntosh Graphite Project (Project).
Under the agreement, Hexagon and MinRes will establish an unincorporated joint venture, with Hexagon and MinRes respectively holding a 49% and 51% participating interest.
From the date that Hexagon shareholders approve the transaction, MinRes will be solely responsible to:
• undertake all feasibility studies within 18 months;
• make a decision to mine within 24 months; and
• target completion of project development activities and commercial production of graphite concentrate within 36 months.

If they had complete faith in the Hazer process why would they be signing this agreement? Just as a bridge until mass scale up of the Hazer process in say 4 or 5 years time? Production targeted for 3 years time. Surely if they had 100% faith in the Hazer process this deal wouldn't have been signed? Or not?