Valuation Disconnect - 3 parts

**apologies have to post this in parts as HC saying message too long**

I'm calling it now: GPX will be the worlds largest graphite producer outside of China by 2020.

Here's my logic.

1. China only needs expandable graphite
That's why none of the battery chasers have offtake agreements with China. In 2015 China supplied 95% of world demand for battery graphite of 70kt, in 2016 China increased production by 50% to ~100ktpa (see chart below):


Whose to say China won’t just keep increasing production and mop up the hypothetical additional 117ktpa demand over next 2-3 years? Even if they don’t, that leaves the prize of 117ktpa for 30+ battery chasers to fight over. Glad I'm not invested in a battery chaser!

**end of Part 1**