I'm guessing that it would refer to the plant feed rate therefore the graphite output would depend on the grade of the deposit. Syrah has a plant feed rate of 2,000,000 tons but with a high head grade of 16.2%, will produce 313,000 tons over the life of the mine.
(Syrah's grade will be around 20% in the first decade because it can selectively mine the high grade zones.)
At the other extreme you have Northern Graphite with a feed grade of 1.83% meaning that they have to process 2,000,000 tons just to produce 44,200 tons of final graphitic product.
Any expansion of graphite production is a negative. However, with China looking to go 100% electric in the coming years and other countries doing the same, globally we're potentially going to need a lot more graphite:
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I'm guessing that it would refer to the plant feed rate...
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