1 L e v e r ag e t o H i g h e r P r i c e s E x p an s i o n C as e BF S Gr ap h i t e P r i c e US t 2300 1800 2800 1800 P r e t ax C D N m i l l i o n s A v g an n u al c as h f l o w 700 470 450 212 I R R 464 317 385 198 N P V 8 4585 2647 3672 1299 A f t e r t ax C D N m i l l i o n s A v g an n u al c as h f l o w 515 360 330 165 I R R 385 267 328 173 N P V 8 3106 1789 2520 893 No v a l u e a dde d u pgr a di n g i n cl u de d A l l e qu i t y r e tu r n s