Ann: Q1 2019 Interim Update, page-86

This happens to every new mining venture, remember rare earths maker Lynas. Went to 40c on fears that they were not making profit and is now $1.60. Likewise SYR is in the same boat at the ramp up stage and shorted to the max within a year SYR will cut costs below $400 and within 2 years all the graphite companies that can't produce below that cost will be dead and all new ventures will cease and the price will rise. Chinese are not stupid they aren't going to keep producing graphite below cost, just like Iron ore they will cut back.