Question, problem is How much is Nicanda Hill worth? More...

Question, problem is How much is Nicanda Hill worth? More importantly Worth to a Genuine Buyer?

I don't quite follow your comment that the Chinese like Low Grade. The SYR dragon offtake of 80kts is for flake Large+. SYR like Nicanda Hill has a third of mine run in that category.
1/3rd Large, 1/3rd Medium 1/3rd Fine. You see the same proportions for Balama South but P66 has better proportions.

Anyway that's the "problem" with the Hill's World's Biggest Resource. It's Flake Distribution is ordinary.

Anyhow other than the Dragon, other buyer could come from the Trading Houses perhaps.
But the problem there is they don't want to do Super Pit either. Plant Capex at $150mil++, have to sell 100's kts to a depressed current market for Graphite.
So what would they say Imerys pay for a Tenement that supplies 50/100kts of all flake sizes?

Realise they have to Capex the Mine on top of buying the tenement.
No getting cash on the table for Nicanda Hill sale ? Might be $10/30mil Tops, take months to happen if at all. no wouldn't want a VA handling it. Wouldn't shouldn't count on it to buzz bleeding Grafex off either!