Ann: December Quarterly Activities Report Presentation, page-36

Its borderline now - it takes time to establish yourself in the market and get things running at their most efficient. Costs sound like they are expected to still trend down as their ramp upto larger capacity and it also sounds like they will get better prices overall for the product going forward.

Also got to remember some of that cheap fines that we are getting low prices for is earmarked if I remember correctly for our higher margin spherical graphite plans - so margins will increase there as we get further embedded there and increase capacity.

One thing it does highlight is you don't want to be a graphite project trying to use finance - you will be a dead duck in the current climate.