TLG Discussion 2022

[cosors]

We are now doubly under the support of the EU Commission:

"The Important Projects of Common European Interest ( IPCEI ), formerly Project of Common Interest ( PCI ), are strategic funding projects of the European Commission under the umbrella of the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) for innovation in resource-intensive core market segments."

DG GROW will surely tell you something. The representative was in the conference with Talga and the EU Commission, which is why the European Investment Bank is presumably now prepared to co-finance the project if the necessary approval is granted. We will have to wait until the end of Q1/23 or the beginning of Q2/23 for a financing commitment I think.

But I would like to point out the double support why the EU Commission stands protectively behind everything:

"Automotive Cells Company SE (ACC) is a European manufacturer of batteries for electromobility with a focus on France and Germany. The head office is in Bruges (France).

It is planned to produce 1 million battery packs for the automotive industry annually by 2030, or more than 120 gigawatt hours (GWh) of power. According to the company, the goal is to become an "Airbus of the battery industry".
Since 2018, the consortium has been supported by the Federal Ministry of Economics and by France and Germany as part of the Important Project of Common European Interest (IPCEI)."


So now the EU Commission and France and Germany are all about securing the raw materials. Of course, everything is so interwoven in Brussels that it is probably hard to find out where the EU's initiative for us started. Whether it was Talga's own initiative or the big players who lobbied for the small applicant ~ "take care of them, we need them". Of course, this is just my imagination, but it is not unrealistic.

My thoughts on the good conversation here. I can't contribute much because, strangely enough, my thoughts are not focused on this off-take or the adherence to time statements. I can't explain it to you but it leaves me cold and calm.
But of course I have thought about it with or because of you. And my approach would be that it is not an easy negotiating partner like a single party.
It is a consortium of three ACC shareholders:

• Mercedes-Benz , 1/3 of the shares (third largest automotive group in the world)
• Saft, subsidiary of TotalEnergies , 1/3 stake (Total is the eighth largest company in the world)
• Stellantis together with subsidiary Opel , 1/3 of the shares (fourth largest automotive group in the world)

And behind these actors, the fourth party is the EU Commission (eit, eba250, DG GROW). I just want to suggest that it is not one party like Tesla with Syrah that has to formally give the thumbs up. The supply and purchasing strategies of these three global players have to be coordinated. Only that we don't hear about it. I imagine that the formal coordination in this consortium takes time. The more players the more complex.

You only need to do a little research on the supply of raw materials for each of the three players to realise that each of them has its own strategy. Of course, I can't say what that looks like within ACC. Nevertheless, it is interesting to take a closer look at these four groups incl. the EU.
And others are still on the sidelines. What is actually going on with the big silent one in the background NV? I think the game is already too big to stop it. Maybe that's why I don't think much about the off-take topic for now, because we small investors have no insight into it.
Perhaps the felt delay to the binding contract is also quite different. And it is not about MT's negotiating skills. Maybe he chose the most polite way to signal that the will of all involved is there, that a long way has already been taken, but that it still needs some time with the customer consortium. You don't decide something like that in a web meeting with a thumbs-up and afterwards clarify the details.
Originally, for MB, the specifications may have come from Farasis, who were to manufacture the batteries. Presumably they now come from MB directly. But how is this coordinated within ACC? How much does one group tell the other about its secret sauce in the ACC consortium? Or is it more like naked in the sauna so nothing to hide? I don't know.

And another thought: Who in this hungry consortium will get how much of the Talnode-C and foreseeable Si? Just imagine that. All three are on equal footing (1/3 shares). Of course, you could say that's why 60 and 20 for each, but is it really that simple?
After all, ACC's shareholders don't want anodes, they want batteries made to their specifications. Which brings me to the next thought. Was there only one setting or specification of ACC or are there three (MB, Saft, Stallantis) or more different ones that have to go through the qualification levels A to D?


Finally, I would like to mention that from my point of view LKAB now simply does not have the money for a project like Vittangi Graphite. The projects that have been decided on are simply far too big. And that was not foreseeable at the beginning of the partnership. One example is the derailment of raw material trains on the single-track line. A super gau and job stopper, which is why LKAB is reworking it at its own expense in order to also bring the material for the billion-euro new plant in the port of Lulea. I have posted about this many times. The answers are openly available in the Swedish press.

As always, all just my thoughts and therefore no warranty.

______
The source is Wiki Germany as I unfortunately could not find this in English. But it makes no difference.

 

[anbuck]

it is not about MT's negotiating skills. Maybe he chose the most polite way to signal that the will of all involved is there, that a long way has already been taken, but that it still needs some time with the customer consortium

I think you make an excellent point about the number of people and lawyers potentially involved in the negotiations and I agree that one of the most likely possibilities to explain the current delay in closing the deal is due to exactly that. However, instead of Mark trying to be polite in his statement, I think it's more likely that he understimated how long it would take to get everyone on the ACC side to give final sign off.

 

[cosors]

Here's a recap of 5th EU Critical Raw Materials Event last year - just uploaded.





This year there is an update to the Critical Raw Materials list.

 

[cosors]

In a conference at the Chancellor's Office here in Germany today a fast ramp-up for EVs was "agreed". At least 15M new EVs are to come onto the market by 2030 in order to achieve the climate targets. Now they just have to pay attention to what environmental footprint they have.)

 

[cosors]

As we know, Sweden is taking over the EU Presidency. They are meeting today in Kiruna, including the President.
I hope Talga has put up a company billboard on the road everyone has to pass.

 

[Semmel]

Maybe Talga has issued the LOI with Verkor to show it's dedication with European customers in order to present that to the EU at Kiruna today..

 

[WheresTheMonkey]

As we know, Sweden is taking over the EU Presidency. They are meeting today in Kiruna, including the President.
I hope Talga has put up a company billboard on the road everyone has to pass.

I think directly under that billboard we should arrange some scantily clad dancing girls .

That’ll get their attention

 

[PeeDeePee]

Maybe Talga has issued the LOI with Verkor to show it's dedication with European customers in order to present that to the EU at Kiruna today..

Fortunately I'm not superstitious, because for some reason I'm feeling that Friday the 13th will be to our advantage. Isn't this high profile Government gathering, the perfect opportunity for Talga to reveal our anticipated deal with the Mercedes mob, and to add a bit of icing to the cake, aren't we due to Get Jorked as well. So roll on tomorrow morning, where with a bit of luck we might receive an Announcement.

 

[cosors]

I think directly under that billboard we should arrange some scantily clad dancing girls .

That’ll get their attention

I think at -1C⁰ they should dance around a hot grill with reindeer sausages.

 

[cosors]

Maybe Talga has issued the LOI with Verkor to show it's dedication with European customers in order to present that to the EU at Kiruna today..

LKAB has saved a very special piece of information for today that has already been leaked to us here. They have found the largest deposit of rare earths in Europe (not the EU!). That's how you do it!
They add that, of course, a permit is needed and that they will submit an application this year. The EU Commission confirms that they will give more support to such (plural!) mining projects as in Sweden. So that's a bit of pressure and best publicity in our direction as well, I think.
What a through ball (?), perfect
For me, this no longer has anything to do with dot joining.

"Mining projects like those in Sweden are also to be given more support by the EU . This spring, the EU Commission intends to propose measures to strengthen Europe's strategic autonomy in relation to critical raw materials. One argument is that without this autonomy there can be no ecological and digital change.
Ebba Busch, Sweden's energy and economy minister, said the Commission's proposed proposals were looked forward to with great expectations. Important batteries are 100 percent dependent on imports."

 

[PeeDeePee]

Fortunately I'm not superstitious, because for some reason I'm feeling that Friday the 13th will be to our advantage. Isn't this high profile Government gathering, the perfect opportunity for Talga to reveal our anticipated deal with the Mercedes mob, and to add a bit of icing to the cake, aren't we due to Get Jorked as well. So roll on tomorrow morning, where with a bit of luck we might receive an Announcement.

the Crystal ball that I bought, must be a fake

 

[cosors]

An interesting read. At last, things are being said openly and directly. The last paragraph I highlight.

"Synthetic versus natural graphite debate rages on: 2023 preview​

The graphite anode industry is becoming more competitive due to evolving market dynamics and falling costs for synthetic anode, against the backdrop of weaker demand, while there is increasing localization of natural graphite​

January 17, 2023

Graphite anodes remain the mainstream choice for downstream battery makers globally. But competition is growing between natural and synthetic graphite due to the weaker outlook.

Synthetic graphite anode materials will continue to hold the lion’s share of the market in the lithium-ion battery industry in the near term, but expectations of growing natural anode consumption have been under the spotlight due to their respective advantages in battery manufacturing.

Natural graphite anode has the advantages of lower cost, high capacity and lower energy consumption compared with the corresponding synthetic anode. But the latter performs much better in electrolyte compatibility, fast-charge turnaround and battery longevity.

But when the prices for natural anode materials are at enough of a discount against the synthetic ones, downstream manufacturers will show more willingness to expand the ratio of the former in battery manufacturing, according to market sources.

In 2021, a power crunch in China, the major production hub for synthetic anode globally, resulted in a supply shortage of synthetic anode. Surging prices drove market participants to increase the share of natural graphite anode in their battery production.

Prices for mostly-used synthetic anode jumped between 2020 and the third quarter of 2022, rising by 16.67% for high-end synthetic materials, 33.33% for mid-range materials and 90.47% for low-end materials, according to sources.

But the release of more synthetic anode capacity and the easing of power control policies led to falling synthetic costs from the final quarter of 2022, which changed market sentiment.

By the end of November last year, prices of synthetic anode dropped from their September high points by 2.72% for high-end, 5.17% for mid-range and 5% for low-end materials.

Market participants are therefore now asking which will see more expansion in anode consumption in 2023.

Falling synthetic anode costs amid capacity expansion, weaker demand​

Power restrictions in 2021 resulted in surging graphitization prices due to the shortage of operation capacity.

“The price [of graphitization] jumped by 71.43% through 2021 to around 24,000 yuan [$3,541] per tonne at the year’s end, from 14,000 yuan per tonne at the start of 2021,” a source in China said.

Surging processing costs prompted major anode producers in China to extend their supply chains upstream before stricter environmental or energy restriction policies could be put in place.

Total anode capacity was said to have surpassed 800,000 tonnes in China by the middle of 2022.

The increase in new operating lines in many parts of the East Asian country, together with declining downstream demand, eased concerns about graphitization tightness and the risks of power shortages, leading to lower production costs, according to market sources.

“Costs for synthetic anode have been falling by round 3,000-4,000 yuan per tonne over the past couple of months due to more capacity in the market. In addition, softening downstream demand added more pressure to the synthetic anode market,” a second source in China said.

A battery producer in China said that industry participants unanimously believe that growing graphitization capacity is lowering the costs for anode production, which will remain into 2023.

“We used to think that the price of graphitization would not fall to 15,000-16,000 yuan per tonne until the second half of 2023. The reality, however, is that it’s happening now,” the second source added.

Adding graphitization capacity with shift from electrodes​

Meanwhile, higher marginal profits have been attracting new capacity, originally used for electrode graphitization. The steelmaking sector is shifting to outsourcing anode processing, according to market sources.

“There is still a higher profit margin in the anode sector compared with electrodes production, so there is more production appetite, despite the dropping prices for synthetic anode materials,” a graphite electrodes producer in China said.

Synthetic graphite electrodes are used in the recycling of steel. The production of graphite electrodes uses similar feedstock in an Acheson graphitization furnace to make synthetic graphite anode material.

There was pressure on the graphite electrodes market in the second half of 2022 due to weakening downstream demand from the steel sector.

Fastmarkets assessed the price for graphite electrodes, ultra high power, fob China, at $3,400-4,100 per tonne on January 4, down by 16.67% from the 2022 year-high of $4,200-4,800 per tonne. Prices had been mostly on an upward trend in the first half of 2022, but softened in the slow summer then improved from September.


This fall in the fob China market was particularly clear in the European market, where demand has been damped by soaring electricity prices. This has weakened the competitiveness of Europe’s steel market, according to market sources.

But some market participants think that it is not easy to switch production between different materials so it is unlikely that many of Europe’s electrodes producers would change, according to Corina Hebestreit, secretary general of the European Carbon Graphite Association.

“It is not simple to make that switch,” she said. “Although some may be considering it, it takes investment. The production of anode material requires different materials and processing, so you cannot just move from one to the other.”

In addition, high power prices in Europe have put pressure on the profitability of the production of energy-intensive materials, such as synthetic graphite.

Natural anode in China: short-term stalemate​

“In principle, more natural anode consumption in lithium-ion batteries should be the trend in the development of the industry, given its advantages in costs and more environmentally friendly production methods,” a graphite producer source outside China said.

“However, weakening synthetic materials are bound to delay the process,” he added. “With the premium held by synthetic anodes over the corresponding natural ones narrowing downward, downstream battery makers tend to shift more demand to synthetic anode materials, given its better performance.”

The spherical graphite market has been in a stalemate for a while due to the pressure from downstream battery makers’ efforts to cut prices and slow demand.

“With the end of subsidies [for purchases of electric vehicles] and the surge of Covid-19 case numbers in China, we expect a weaker market for graphite in the first half of 2023,” Fastmarkets battery research analyst Georgi Georgiev said.

“Prices for uSPG [uncoated spherical graphite] in China have been declining since June 2022 and are at their lowest level since October 2021. The indications for slowing demand from the automotive sector, in combination with other factors, could result in further pressure on uSPG prices,” he added.

“The expected global recession would have further effects on the demand for graphite from the steel sector, which has gone through a difficult year. A recession would also likely lead to lower freight rates, which could enable further price competition,” he said.

Fastmarkets’ price assessment for graphite, spherical, 99.95% C, 15 microns, fob China, was $2,500-2,800 per tonne on January 5. This compared with $3,500-3,600 per tonne in June 2022.

But the price of the upstream raw material - graphite flake, 94% C, -100 mesh, fob China - was assessed at $830 per tonne on the same day, largely stable over the second half of last year.

Falling spherical graphite prices indicated market pressure from downstream anode producers, whether from slow demand or cost pressure from falling synthetic prices. This, in turn, temporarily damped demand for flake fines, the upstream raw material, according to market sources.

“Tender prices for uncoated spherical graphite from major battery makers are low, so only a few spherical graphite producers would likely make an agreement. Consequently, most other spherical graphite producers are reducing their procurement of flake fines,” a spherical graphite producer in China said.

A lot of spherical graphite operations have been suspended both in Luobei, a major hub of spherical graphite production, and in Shandong, due to either cold weather or low profit margins. There is thus less support for flake graphite in the winter, according to a second spherical graphite producer in China.

“For spherical graphite producers, the profit margin narrows once the price of flake fines is more than 5,000 yuan per tonne,” the same source added.

Supply concerns about flake fines were likely to remain an issue in the market despite slower demand for spherical graphite manufacturing.

“Domestic supply of flake fines is mostly limited to Luobei, Heilongjiang province, subject to cold weather in the winter. Supply expansion is also slow to progress,” the battery producer told Fastmarkets.

For alternate sources outside China, principally Syrah Resources in Mozambique, supply is under threat from multiple factors, including strikes.

China imported 105,006 tonnes of flake graphite from Mozambique between January and November 2022, down by 26.85% year on year from 143,555 tonnes in 2019, when Syrah’s operation was not affected by Covid-19, according to Chinese customs data.

Natural anode worldwide: supply localization grows​

The prospects for natural graphite active anode material (AAM) could differ between China and the rest of the world.

Original equipment manufacturers (OEMs) in Europe and the US will be looking to secure supply of materials with favorable ESG credentials, and at prices enabling them to be cost-competitive with Chinese producers. So the lower carbon footprint associated with natural graphite, combined with the lower prices for natural active anode material, could result in growing demand for natural materials over synthetic.

Yet growing geopolitical tensions and more stringent environmental requirements could create obstacles for Chinese supply in the North American and European markets in the short to mid-term, according to Fastmarkets’ Georgiev.

A deficit in anode material outside China is therefore expected to develop.

We forecast strong demand, rising costs and supply constraints to propel graphite prices higher over 2023-25. Total apparent demand for natural graphite is expected to reach 1.5 million tonnes in 2023, against 1.25 million tonnes in 2022.

Meanwhile, supply of natural graphite is expected to reach 1.5 million tonnes in 2023, against 1.28 million tonnes in 2022. But the majority of this is produced in China, accounting for 66.67% of the total in 2022, according to Fastmarkets’ battery raw material research team.

Graphite is considered a critical raw material by both the EU and the US, where lawmakers are aware of the need to secure supply and ease their reliance on China for material.

Increasing their capacities for anode material production will require permitting and an economic situation that makes the investment worthwhile.

“There are risks that permitting and electricity costs will affect the production of synthetic graphite,” a second producer source said. “These are also risks for natural [material], but I suspect that they are more pronounced for synthetic, primarily with respect to electricity costs.”

On the supply side, one advantage of natural graphite is its lower cost than synthetic. And those costs are higher in the EU and the US than in China.

“Non-Chinese producers operate at a higher environment cost and have to deal with the difficult task of raising money to fund construction,” the second producer source said.

Consequently, outside China, there is a greater preference for natural graphite.

US carmaker Tesla recently increased its offtake agreement for active anode material (AAM) from Australia-based graphite miner Syrah Resources from its production facility in the US.

Canadian natural graphite company Nouveau Monde plans to become the biggest graphite producer in North America’s anode supply chain, through its partnerships with existing Japanese battery companies, such as Panasonic, chief executive officer Eric Desaulniers told Fastmarkets in November.

Northern Graphite, another Canada-based natural graphite producer, has signed a letter of intent with Graphex Technologies, an anode manufacturer in North America, to set up a joint venture to produce natural graphite anode materials, targeting capacity for 200,000 tonnes per year of anode materials in Canada.

“Graphex’s anode site in [the US state of] Michigan is under construction now and will be available by the end of 2023. Total capacity there will reach 15,000 tpy. Together with Syrah’s capacity, we think that it’s not enough for the market. That’s why we are going to 200,000 tpy of anode for our new joint venture,” Hugues Jacquemin, Northern’s CEO, said.

Canada has the potential to become a significant graphite producer in the next decade given the anticipated effects of the US Inflation Reduction Act and the trend toward development of regional supply chains, in response to the logistics disruptions in value chains because of Covid-19, according to Fastmarkets’ battery research team.

Natural anode expansion holds with competition​

The anode market is in a state of rapid development and consumers are making decisions about the share of natural and synthetic graphite they want to use in their anodes.

This involves weighing up the conflicting benefits and costs of the different materials.

“One might draw the conclusion that the cell makers are more likely to lead the market on this issue, with both cost and environmental considerations favoring natural, versus synthetic offering a potentially ‘safer’ choice, because it has been used more in lithium-ion batteries and offers greater consistency in performance,” a fourth natural graphite producer source said.

Some market participants believe that while battery manufacturers might increase the share of natural anode because of the high costs for the synthetic ones, falling prices for the latter would mean that expansion of the former could be affected, according to sources.

But concern about the availability of needle coke, the raw material for synthetic anode, and its high carbon dioxide footprint would mean that battery makers need to reevaluate the design of their batteries, according to market sources.

The lower carbon footprint of natural graphite, a priority for consumers in the EU and the US, as well as expectations that the carbon footprint of battery raw materials will be taxed in the EU, has incentivized consumers to further focus on natural graphite in their plans.

Jacquemin said that EV manufacturers are becoming more and more concerned about their CO2 footprint. The CO2 footprint for synthetic graphite is bad because it starts with petroleum coke.

“And the capacity for petroleum coke around the world is limited,” he added. “The CO2 footprint in graphitization of coke is also bad. Over time, we will see the shift to natural graphite. But this means that they need to redesign the battery industry.

“Also, [there must be a] redesign of natural graphite to reduce the amount of swelling. Once we [achieve that], I think natural graphite anode will perform much better than synthetic graphite anode,” he said.

“The EU is more focused on carbon emissions,” the fourth producer source said, “because it looks like the direction of travel is for costs to include trading scheme credits. These could be massive for synthetic graphite.”

Nevertheless, there are also steps among both emerging and existing producers of synthetic anode material to lower their emissions by introducing new technologies and using renewable energy sources for the graphitization process.

The use of hydroelectricity in regions with abundant hydro resources could affect graphitization costs, making the production of synthetic anode material more cost competitive.

As a result, according to Georgiev, natural graphite could increasingly face competition from ESG-friendly synthetic graphite."
https://www.fastmarkets.com/insights/synthetic-versus-natural-graphite-debate

 

[cosors]

British Volt is likely to go bankrupt. Construction work has been stopped. It would not be because of the money but because of Brexit.

"Britishvolt's collapse seen as 'an unmitigated disaster' for UK auto industry​

UK startup Britishvolt's decision to call in the administrators strikes a major blow to the country's hopes of building a home-grown battery industry.​

“Ultimately, British car manufacturing will migrate to where the battery factories are, which is going to be in central Europe.”"
https://europe.autonews.com/automakers/britishvolts-failure-disaster-uk-auto-industry

 

[TentCity]

British Volt is likely to go bankrupt. Construction work has been stopped. It would not be because of the money but because of Brexit.

"Britishvolt's collapse seen as 'an unmitigated disaster' for UK auto industry​

UK startup Britishvolt's decision to call in the administrators strikes a major blow to the country's hopes of building a home-grown battery industry.​

“Ultimately, British car manufacturing will migrate to where the battery factories are, which is going to be in central Europe.”"
https://europe.autonews.com/automakers/britishvolts-failure-disaster-uk-auto-industry

This latest development reinforces my view that Talga will likely not proceed with a Talnode Si plant in the UK. For those who remember, Talga did undertake a feasibility study to look at expansion options into the UK via Talnode Si, but I just can’t see the rationale given the UK has not attracted any significant investment in battery cell manufacturing/EV manufacturing. Therefore, there is a very limited customer base and would make more logical sense to locate adjacent or nearby to offtake customers located in mainland Europe.

While things are moving in a very positive direction for Talga to attract additional EU support, I still think the company could also tap into the US IRA funding pool to establish multiple Talnode-Si plants in Nth America in the future. I think Europe will be first cab of the rank, but the economic attractiveness to also expand to the US would factor in their thinking. We know Talga have good relationships with Mercedes, Stellantis & FREYR whom all have active programs in both Europe and USA - so could just be a logical extension of those partnerships to expand into the US. Something to keep an eye on in the future anyway.

 

[WheresTheMonkey]

Upwards of 930,000 traded today reaching a high of $1.74 before being beaten down to $1.69.

Obviously MT and his best buddy @TentCity and their mates have been manipulating the ASX................. YET AGAIN

 

[Semmel]

I only own TLG from the ASX, but I also look at the price of NVX, VUL and SYR in comparison to gauge the Macro environment. TLG and NVX kissed share price a few times lately and they are almost there again. NVX is doing artificial graphite in the US, it's a good comparison. Considering that it was at above 10AUD already, it's a remarkable development.. looking forward to leave them in the dust..

 

[TentCity]

Upwards of 930,000 traded today reaching a high of $1.74 before being beaten down to $1.69.

Obviously MT and his best buddy @TentCity and their mates have been manipulating the ASX................. YET AGAIN

Hahaha alright I will admit I hit my quota of posts today on HC!! Just starting to get a tad excited about a certain Court hearing kicking off in two weeks and Ursula potentially getting out the big EU chequebook!

Shame we didn’t finish on the highs - I think i saw Talga’s 52 week high is only ~$1.81 - so we’re not too far away from that now. As Semmel mentioned, many of us could be forgiven for thinking we backed the wrong horse when NVX rocketed to $10. But suddenly, they are back being neck and neck - bit like the days when they were sub $1 and wondering who would hit that milestone first!

 

[WheresTheMonkey]

Hahaha alright I will admit I hit my quota of posts today on HC!! Just starting to get a tad excited about a certain Court hearing kicking off in two weeks and Ursula potentially getting out the big EU chequebook!

Shame we didn’t finish on the highs - I think i saw Talga’s 52 week high is only ~$1.81 - so we’re not too far away from that now. As Semmel mentioned, many of us could be forgiven for thinking we backed the wrong horse when NVX rocketed to $10. But suddenly, they are back being neck and neck - bit like the days when they were sub $1 and wondering who would hit that milestone first!

I got a good feeling about next week.

Resource upgrade ?
ACC ?

Please no more boring new Lab announcements

I mean reeeeeeaaaaaaaally ?

 

[cosors]

IMHO
Lol - I care whether the material is extracted in Europe and the anodes are created in Europe or not. We have to win the fight against activists and political groups and generally change our thinking completely if we want to survive an want to archive something for the world climate. The latest example is the UK, where Britishvolt is dying with this complete industry - yeeha Brexit - at last the Lords are showing the rank and file how to deal with Europe
In general, deindustrialisation is a key issue for what is happening here. We also have to stand up to the NIMBYs and fight back if we don't want to go under. I know many people don't like to read this, but hey! Open your eyes an look at the whole picture. Take the mining projects or construction projects of the whole automotive industry and others. You always come back to the same groups who stand in the way no matter where you start looking here in Europe. Who is against green technology in Europe that helps the world climate? And I don't just mean our little example. So I do care at all whether NVX or TLG. We have to stand up, not the USA.
Don't they bake their shit for weeks at over 2000C⁰ Exactly! We have enough electricity - you just have to believe in it We should compare ourselves more with Syrah - @Proga is absolutely right.

 

[cosors]

Of course, it may be that I misunderstand something. But that ?!

No, I don't want to compare sy