Sorry jethrol but your question doesn’t have a straight forward...

Sorry jethrol but your question doesn’t have a straight forward answer. You see graphite is an opaque business, one dominated by China (100% spherical graphite, and ~2/3 natural graphite market) and middle-men (like our unnamed EGT). Information on the graphite market is notoriously scarce.

But this is why I am invested in graphite, specifically KNL. The EU (and almost every developed country in the world) defines graphite as a ‘critical resource’, and the issues with protectionism rising from China, graphite production cut-back, dependence and potential for a trade war (not only with the U.S) is why I think Germany is pushing forward with a diversification of supplies. KfW bank’s (a state-owned bank) involvement and the receipt of $100,000 government grant which helped KNL develop EcoGraf (see recent company announcements) is in my opinion an indication of just how serious Germany is with KNL and their diversification plan.

Maybe the BFS is a good place for you to start? It’s a compelling read, but keep in mind graphite prices have risen since then, and costs, in part thanks to EcoGraf have been coming down. But it’s a start.