Media Reports, page-946

So in the last week I've dissected two mines in Tanzania. BKT and MNS. Both want to bring into production 236ktpa and 150ktpa of large size flake, 386ktpa in total into a 600ktpa to 700ktpa market already fully catered for. Then there is Gallios, the Canadian mines, other Tanzania, Madagascar and Mozambique mines.

I've mentioned this before. I'm not too sure how ex-china graphite companies sell their concentrate though. In 1t basket sizes or 1t flake sizes. 1t basket sizes allow some scope to include different size graphite. -194 FOB China allow up to 20% of the graphite to be larger than -100 mesh size (battery grade). This would allow BKT to sell 24ktpa more larger size flake at full production to anode producers. The flake would generally be -80 to +100 mesh size/medium size flake.

If in fact this is the case, it might be the main way SYR is selling the 15% larger size flake it producers. It does have some small clients who want larger size flake but I'm only talking about 5kt-10kt.

Just to clarify what I said in a previous post - "Due to SYR's flake size ratios, SYR is only interested in LIB's. So it didn't open up a 350kt mine in a 750kt market. It was around 200kt." I meant SYR opened up a 350kt capable mine in a 200kt market.