Ann: Q1 2019 Interim Update, page-100

Syrah has entered the market primarily to supply Li-Ion battery anode material. The great Chinese industrial expansion happened without Syrah so their significantly large graphite output is not needed for steel making. So we come to battery anode material and the production of spherical graphite for such being geared up now by SYR and other companies outside China. I think SYR will be producing fines and thus lowest priced graphite for batteries which means production costs will have bearing on margins as usual.

What happened with Cadenza tech. and the agreement struck approaching 2 years ago. Not a word from SYR. This from that agreement in July 2017 ....

Syrah has successfully completed extensive product certification test work with several major battery producers for the use of Balama spherical graphite in the anode of lithium-ion batteries.

And ???????? The silence is deafening.