RPA reported that ZEN's break even on production was around $4900/tonne, which is that point at which NPV = 0, which in other words means the project will not proceed. Remember, ZEN's costs are estimated, at that level, and do not include water management, or mill engineering.
$3200 (minus $500 secondary credit)/tonne is a highly competitive comparator. All in costs versus basic metallurgical upgrading costs. And, their coated graphite out-performed ZEN's, on every measures reported. Those are indeed apples and oranges, but YOU don't get who's holding the apple.
Syrah raised hundred of millions of dollars, and is currently doing mine development work. They reported supplying hundreds of kilograms of SCG to international electric vehicle companies. ZEN didn't make that much concentrate! ZEN is not already building a mine!
Focus has better results than both, and is already at feasibility level, with lower CAPEX than ZEN.
And, as an aside, I am neither arrogant nor sanctimonious. I am very well informed. Which makes me wonder why you are not, given your statement that you live and breathe ZEN.
Lar
