Lansdowne Oil Share Chat (LOGP)

Background to the Acquisition

The target of the Acquisition, São Gabriel Mineração LTDA. is a Brazilian company, incorporated on 14 July 2022, focused on developing the Macaubas graphite project in Brazil.

SGM holds two exploration licences and has, to date, undertaken early-stage exploration work that has proven the presence of graphite mineralisation at the Project. SGM is now seeking to develop the Project through further exploration work at the Tenements to establish both the extent of graphite mineralization at the Project and an initial mineral resource which will provide the basis for an application to convert the exploration licences into mining concessions. The Project shows robust preliminary exploration results, that underpin the Company's plans to complete more extensive exploration work with a view to applying for the conversion of the existing exploration licences to mining licences.

The Company believes that, subject to completion of this further exploration work, there is the potential to establish a mineral resource and increase grade, with mineralised material that exhibits excellent characteristics that can demand superior prices within the marketplace. The key deposit characteristics are highlighted below:

· Located in one of the highest quality, prospective graphite regions in the world with a strong mining heritage

· Shallow, friable material that can be mined without explosives and minimal crushing

· The deposit has the potential to host high quality, large flake graphite mineralisation

· Favorable logistics and infrastructure

· Large, quality geological targets identified to establish a maiden resource and improve overall average grade

The Project consists of two Tenements, namely exploration licences 870.511/2019 and 870.512/2019, covering an aggregate of 2,805.82 hectares, located approximately 35 km from the town of Macaubas along the BA-573 road towards the village of Pajeú. in Bahia state, Brazil.

The new discussion board is at:

https://www.lse.co.uk/ShareChat.html?ShareTicker=LRES&share=Lansdowne-Oil

NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM

Following a Reverse Takeover the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.

Nothing to report so far from HL. Same with other brokers this morning?

Jeffrey Auld, Non-Executive Chairman of Lansdowne Oil & Gas plc, commented:

"We are delighted to have received such strong shareholder support for all aspects of the transaction. We look forward to returning to trading on AIM, advancing our new critical minerals work programme in Brazil and continuing our ECT arbitration to seek compensation for the loss of the Barryroe asset. Finally, I would like to welcome Luis Azevedo to our Board and we look forward to working with him."

LRES will be the ticker for Lansdowne Resources Plc

Fingers crossed. No idea if my shares will be worth the same or less than they were before. Good luck all.

"Scientists create global treasure map pointing to hidden rare earth deposits"

https://www.sciencedaily.com/releases/2026/05/260525000450.htm

The study itself is here. Look at figure 1, look at the right side of Brazil, we are right in the blue and purple zone of Rare Earth prospectivety. Rare Earths are often found with Graphite, I'm sure they will be looking for these.

https://www.nature.com/articles/s41561-026-01990-7

It's all in the RNS recently issued.

Is LOGP starting to trade again tomorrow or is the Brazilian Company trading. Instead of having LOGP shares do we have a stock split and if so what is the ratio of one to the other.

Its been so long and I have not been looking at this for some time.

For sure £2.64m is way too low, it's the price of a cash shell, something with no business and very little cash, it's what I'd expect LOGP to sell for BEFORE the acquisition of the business it has acquired through the reverse takeover AND the fud raise that gives it meaningful cash assets.

3m barrels recoverable from Helvick. LOGP has 9% interest.

Every little helps! The old PVR held 52.5% . Maybe LG wants the lot.

MB, I think there is every possibility we will see some interest and I think the listing valuation is at a level that gives us every chance of some upside and hopefully more colour will be added by Mantle Law and Diamond McCarthy in the weeks ahead in terms of the arbitration process, along with the board adding some context to the plans for the graphite asset, plus dare I say Helvic may surprise with some value being unlocked,..GL S

I’d like to get more than 5 times the value for a fifth of my shares - but I don’t think I will. Anyway. Good luck all

Anyone expecting c. 0.4 - 0.5P share price and initial MC of about £10m? Market surely has to give some value to the very likely compensation going to the new company shareholders in due course.

They are F*****g useless, servants to Europe's bidding. What about a bit of looking after your own house and the people in it.

Its becoming a no go area.

Fed up with waiting years! You'd think the Irish Government would want to put the LOGP debacle behind them but WTFDIK? Is the Irish Government always so useless?

Just checked! You need to read this, everyone needs to read this!

https://www.energy-pedia.com/news/general/predator-oil-gas-announces-placing-to-raise-%C2%A33-million-203933

Has there been any comment at all on this development? I haven’t seen or heard any.

Getting LOGP out of the way now is the key from every angle you look at it and is in everyone’s best interests.

Interesting points Eareye, either way then it's in the government's interest to comply with both parties without delay.

It's a bit complicated I'm sure. Goodman bought the Licence from the Administrator. I'm now thinking that LOGP must have written off their 20% and signed a waiver to allow the Administrator to sell the Licence in full, which means LOGP have no claims over the current Licence or the data?

If Goodman eventually gets the go ahead then LOGP can add to their ICSID claim that refusing BOE and LOGP was clearly biased, as they've now allowed Goodman to extract the Oil and Gas.

Because of this, I do not see the Government giving Goodman the go ahead until after the LOGP claim is settled.

If Government want to extract the Oil and Gas soon, they'll have to make early settlement with LOGP so they can quickly give Goodman the go ahead without it affecting the ICSID claim.

If Government want to fight the ICSID claim, then Goodman will have to wait for the case to conclude before it gets the go ahead.

It would otherwise be up to Goodman to rescind 20% of the Licence to LOGP, or the Government to cancel the existing Licence and issue new 80/20 Licences to Goodman and LOGP for the project to go ahead any other way.

@swizz In light of the Irish government discussions about giving the nod to Corrib, what would be the situation if they also re-instated the Barryroe license? Presumably the government would re-evaluate tenders and LG would take the whole lot because LOGP have decided to sue, and won't be considered eligible partners anyway due to not fulfilling the 'criteria'. Steve Boldy has the lions share of knowledge but the data on the Barryroe asset is part of what LG acquired.

Could they have demerged ? Then wound up co with capital distribution later. Prob not. I’m sure they spent thousands of legal researching it. :(

"Couldn't they have structured it differently and saved their shareholders a lot of tax?"

I'm not sure there is any other way?

Usually with a windfall like this, standard practice is a Special Dividend.

The only way to ring fence us for 80% of the NET windfall is to issue us a separate type of equity that investors in the new company will never own.

One way companies return money to investors is share buyback, but if they have £100m and the company is worth say £20m by the time the money arrives, they could buy the whole company 5x over, so that's not an option to get us out money.

If they invested the money into a big acquisition, new investors would share equally in the windfall rather than us getting 80% of it.

I can't think of any other way they could get us the money where we could avoid tax.

We will also be double taxed, because the company has to pay tax on the windfall and then we have to pay tax on the Special Dividend 🤬🤬

Makeabundle: They may be "bonus" shares but they're also unlisted preference shares:

"Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, once issued, we will arrange to move the preference shares issued to you to a linked trading account, opening one on your behalf if you do not already have one." - ii website

BillfromBristol: Ignore my comments about cashing in £3k per annum - I hadn't thought it through (and I've never owned preference shares linked to a compensation claim before). Any payout will be treated as a special dividend and afterwards I presume the preference shares will be cancelled due to having served their purpose. Then investors will find themselves with £thousands of taxable income within a normal trading account. Couldn't they have structured it differently and saved their shareholders a lot of tax?

According to HMRC bonus shares can be held in an ISA.

Where were those quotes below about not listing pref shares from?

I found this reference in the 30 April RNS but the paragraphs dont seem to be numbered !

“ of New Preference Shares, which will be allotted pursuant to the Bonus Issue, further details of which are set out in paragraph 20 below”

Spent £366 thousand for a covered bicycle shelter outside parliament im sure they will settle logo’s claim quickly

"Market capitalisation of the Company on Admission: £2.64m"

That's 'cash shell' money. It should be 3-4x that minimum for the new business. Should go well on the first day of dealings.

Schedule 1 Update RNS out (not showing on here)

See here:

https://www.investegate.co.uk/announcement/rns/lansdowne-oil-gas--logp/schedule-one-update-lansdowne-oil-and-gas-plc/9568957

"Lansdowne Resources is a mineral exploration and development company focused on identifying, acquiring, and advancing high-quality mineral assets. The Company's principal asset is São Gabriel Mineração Ltda ("Sao Gabriel Mining") in Brazil, which provides exposure to critical minerals with significant exploration and resource growth potential."

That should pique market interest on relisting, just the mention of CRITICAL MINERALS, it's a hot subsector of Mining, there's Funds set up just to invest in these critical minerals, many investors that are focused on anything to do with critical minerals.

"Private Equity: Large players like Orion Resource Partners and InfraVia operate multi-billion-dollar funds focused exclusively on battery metals, infrastructure, and supply-chain resilience."

"Exchange-Traded Funds (ETFs): For retail or institutional investors, ETFs offer a liquid way to gain diversified exposure. Major funds include the Sprott Critical Materials ETF (SETM), the Sprott Uranium Miners ETF (URNM), and the VanEck Rare Earth and Strategic Metals ETF (REMX)."

According to Milliband things will happen fast. He is planning a new Bill to make ban on new drilling in the North Sea permanent. Rosemount and Jackdaw would probably be included. Looks like Norway is going to become even richer, supplying the UK and Ireland. Could he be the next UK PM? It is all very hard to believe.

Thanks PGee!

These links are global websites.

https://www.offshore-energy.biz/ireland-hit-with-multimillion-dollar-arbitration-claim-over-oil-gas-project/

https://www.energy-pedia.com/news/ireland/lansdowne-oil-gas-provides-update-on-energy-charter-treaty-(ect)-arbitration-claim-203867

https://global.morningstar.com/en-gb/news/alliance-news/1778507442847545600/icsid-registers-lansdowne-oil-gas-ireland-arbitration-request

https://globalarbitrationreview.com/article/uk-company-files-long-threatened-ect-claim-against-ireland

Dig yourself into a hole and pay your way out (with as much dignity as possible)

In Offshore Energy…

‘Oil and gas company Lansdowne Oil & Gas has embarked on an arbitration battle to pursue its Energy Charter Treaty (ECT) claim against Ireland over the country’s refusal to issue a lease undertaking for an oil and gas field in the North Celtic Sea, which is operated by Barryroe Offshore Energy’s subsidiary, Exola DAC.’

Definitely out there now.

Those links / stories are all from last year .- one of them a year and half ago.

You said the ISCID was making national news . It’s not , unfortunately . There is no pressure .

Ireland hit with multimillion-dollar arbitration claim over oil & gas project

Authorities & Government

May 12, 2026, by Melisa Cavcic

Share this article

Oil and gas company Lansdowne Oil & Gas has embarked on an arbitration battle to pursue its Energy Charter Treaty (ECT) claim against Ireland over the country’s refusal to issue a lease undertaking for an oil and gas field in the North Celtic Sea, which is operated by Barryroe Offshore Energy’s subsidiary, Exola DAC.

Licence 1/11 (Barryroe field); Source: Lansdowne

Following the filing of a request for arbitration (RFA) regarding its dispute with Ireland over the Barryroe oil and gas field at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., on May 8, 2026, Lansdowne Oil & Gas ended up receiving written confirmation from ICSID that the ICSID Secretary-General registered the request.

The company sees this as an important step in the arbitration process, which will now be followed by the appointment of a tribunal. The firm intends to continue to vigorously assert its rights under the Energy Charter Treaty in its dispute with Ireland by pursuing a claim of a minimum of $100 million plus interest.

This comes after the ECT Secretariat announced on April 27, 2026, the receipt of notification regarding the country’s withdrawal from the Energy Charter Treaty, which will become effective one year after its notification to the Secretariat, from April 28, 2027. However, Ireland will continue to be bound by the 20-year sunset clause; thus, its withdrawal from the ECT will have no bearing on Lansdowne’s case.

You are assuming Landowne win the case .

If that was definitely the case , they could sell the claim for €90m and there would be hundreds of takers .

The reality is that there is no guarantee.. states wins about 50% of the time or there are partial wins etc etc .

In any scenario where you personally lost money because someone else changed their mind on something they promised you, it's a dead cert that you would want back every penny you lost. Would you accept 30% of what you lost, allowing them to get away with losing 70% of your costs, not a hope in hell you'd accept that.

This is no different, it's our money that was lost.

Exactly Ceph, the due diligence undertaken was forensic and perhaps it is also worth registering with everyone, that this type of claim is only taken on a non recourse basis, when the legal team consider the success factor is a minimum of 75%, and quite often higher, so I would suggest any thought that Ireland will buy us out with a low ball offer is highly unlikely, …GL S

There's no basis for settling at $30m. The external loss adjusters and accountants have calculated a MINIMUM $100m LOSS.

That's not a number plucked from the air as if to say "we think we can get this much out of Ireland", it's tangible figures based on known metrics and facts, it's not something LOGP Directors have calculated, the calculations were done by independent analysts that told us how much we had lost and how much we could rightfully claim for as fact.

Early settlement needs to be that minimum $100m because it is a fact that we have lost that much money due to the decisions of the Irish Government.

What Ireland saves is any increase the ICSID could award, including $30-$35m in interest, Punitive Damages for the way Ireland treated LOGP over several years, plus not having the extremely bad publicity globally of having a large ICSID claim awarded against the country.

Ah right! 😂😂

I was poking fun at the inaction of this new government over the last 17 months. Bereft of both talent, ideas and clear thinking - just like the uselsss Starmer who seemed powerless to remove mad Ed. They can’t even get rid of Ryan’s ghost in Ireland.

Makeabundle,

Was there a public meeting or something??

It’s only in the last few week with Micheal Martin welcoming discussion on using nuclear that it’s become obvious that he is even more green as Eamon Ryan ever was . As reported in yesterday in business post ,he basically called Barryroe a dude.

They will kick this can down the road, unfortunately like all the other European countries have .

Dear LOGP Shareholders

I wish to thank those of you who made some original and interesting suggestions today regarding Barryroe.

I have directed my Minister Darragh O’Brien to visit your site. He has been at a loss over this last year as to a viable way forward, as indeed I myself was until now. Thank you once again for some inspired thinking. Purposeful discussions at Cabinet level can now resume with renewed vigour. We certainly do not intend, nor would Minister O’Brien wish, to leave you at a loss.

Yours gratefully

M.Martin

Spuddymadrid / Cephalo,

I'd be happy with those solutions. The only blocker is the Governments' "We're doing green energy only and sticking out heads in the sand" attitude. If they can pull their heads out of the sand for a second and make the right decisions for Ireland, the better for everyone.

One way or the other I believe well get a big pay out. For new investors there's 20% of it dangling like a carrot on a stick, which could help rerate the stock on relisting, a £2.3m Market Cap company with potentially an asset worth £20m plus interest.

The licence has expired , there is No licence . The last RNs even say - we have no rights to that acreage.

The Goodmans want to drill an exploratory well under MARA and then try to get a New licence ( so that old Barryroe shareholders can’t sue for their rightful stake -after been shafted by both Ryan and Goodman himself)

Unfortunately politicians been politicians, they will just kick the can down the rd and let the next batch deal with the problem.

Look at rockhopper and the Italian gov

Rockhopper formally launches arbitration against Italy in 2017 and they still have not been paid as the Italian government keep appealing.

Rockhopper are preparing fresh arbitration .

Lansdowne need to accept this will be a decade long battle .

The best outcome for the Irish government is definitely to make an early settlement with LOGP. This will allow them to save face on the license rescind on financial capability grounds. By paying LOGP, they will agree to be barred from reapplying for their 20% of the license - although they would suddenly have financial capacity, LOGP will have moved on to pastures new, a different business model and 'won't be interested'. Then government will not need to do a U-turn and look weak, which will appease the green activists. LOGP shareholders will go home happy, and won't have to wait 2 years before value realisation. Larry Goodman may as well take 100% of the license, they can be validated on the terms LOGP were disqualified with easy proof of financial credibility. This gives the government a great face save and validation for their financial capability 'requirement'. LG will have no need to consider shareholders, or for us to be diluted heavily if LOGP participate in the 20% going forward. They can design a new green Barryroe business model and justify the extraction of oil and gas as a transition measure.

Hello there Ear Eye. A possibility is that the Irish Givernment might choose to buy into Landsdowne’s old 20% share by paying Landsdowne for a quick settlement. They would partner with Barryroe Energy Transition and dress up the new Barryroe project by incorporating some green aspect such as Co2 storage, blue hydrogen et cetera. We would ger a cash settlement, Goodman Barryroe and the Irish Government gets off the hook presenting it as a win win for Ireland and the environment. Just a guess on my part!

Re: Compensation early settlement from Ireland.

They certainly have dug themselves into a very deep hole.

They have Goodman wanting to get Barryroe pumping after acquiring the licenses from BOE. I'm still wondering how they got LOGP's 20% without paying LOGP anything for that? But anyway, if Ireland grants Goodman anything then it's openly admitting to ICSID that it's decision to block BOE/LOGP was biased and in contradiction of the Treaty.

If Ireland pay LOGP compensation to avoid the ICSID courts, there will be massive uproar across the country that the Government was paying a huge sum of money for a company NOT to produce the Oil and Gas that belongs to the country.

If Ireland try to fight the ICSID claim and lose, there will be massive uproar over Ireland losing a much bigger sum of money to stop a company producing the Oil and Gas that belongs to the country, with many saying that the country, if it was total against fossil fuels, should have made a cheaper early settlement.

If the Government then allow Goodman to produce that Oil and Gas, there will be even more uproar over the cost of settlement or legal case with LOGP, because the government could have just let LOGP back in by revoking the licences Goodman has, at the same time issuing new licences 80% to Goodman and 20% to LOGP and allowing them to go ahead with Barryroe.

Get a beer and some popcorn and watch as it all unravels in Ireland!!

You will get preference shares representing 80% of the potential ECT claim and ord shares representing the new venture.

Excuse my lack of knowledge here please, but as a LTH of LOGP is my present holding in the company tradable as 1 for 1 with the new company when trading starts or do we have to first see what happens with the court case outcome???

"As previously reported, the Company is pursuing a claim of a minimum US$100 million plus interest.

On 27 April 2026 the ECT Secretariat announced that it had received notification of Ireland's withdrawal from the Treaty. It further noted that this will become effective one year after its notification to the Secretariat - from 28 April 2027. It also noted that Ireland will continue to be bound by the 20-year sunset clause. Accordingly, Ireland's withdrawal from the ECT will have no bearing on Lansdowne's case".

$100 million is the MINIMUM claim, that valuation probably based on the 2C resources they have share of. I suspect these law firms and the arbitration panel will be aiming for a lot more based on lost opportunities, particularly given US firms have a thirst for high payouts from litigation.

The exit from the ECT is a recognition of liability in itself, they know the staggering costs they will have to pay for any breach of these contracts and want to mitigate it.

Another link

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/26/21

Good to see it finally in black and white and a tremendous amount of work to get us to this stage, you sense it will be very difficult for the Irish Government to ignore this any longer, ...GL S

The ICSID registration link for Lansdowne is on case number 43

https://icsid.worldbank.org/cases/pending#:~:text=May%208%2C%202026,Chief%20State%20Solicitor%2C%20Dublin%2C%20Ireland

Case against the government resigned and arbitration to follow

As previously reported, the Company is pursuing a claim of a minimum US$100 million plus interest.

My only cause to complain is;

The compensation should be a higher sum a good starting point for instance a minimum of € 250 million Euros plus interest.

I guess we’ll soon know. Just idle speculation but let’s all hope for a stiff North breeze in our sails.

I’m betting on a scaled down allocation and a goodly opening price on 27th. Could it be as much as a promising 1P per new share?

It is hardly fair. Ring and find out. I certainly would in your position.

Not available to Irish shareholders..... why is it not linked to existing holdings?

Very few shares - far too many applicants - hardly worth bothering!

Luís Maurício Azevedo is the president of the Brazilian Association of Mineral Research and Mining Companies (ABPM). He is a geologist and lawyer with over 35 years of experience in the resource industry and is also the Chairman and CEO of Bravo Mining Corp.Key Details About Luís Maurício Azevedo:Role: President of ABPM.Background: Holds a BSc in Geology from Rio de Janeiro State University and a Law degree from Candido Mendes University.Other Roles: Founder of FFA Legal Ltda and Chairman/CEO of Bravo Mining Corp.Industry Focus: Expertise in the Brazilian Mining Code, environmental licensing, and mineral rights management.

Will there be a mad scramble to get shares by 5PM this Friday?

It’s quite ironic- we are suing the Irish government because we have been unfairly dealt with , yet the placing is only open to Uk citizens and Irish shareholders aren’t allowed to participate.

After readmission and the market settles the 20% of the ECT claim and the market’s view of its worth should be factored into the share price together with the outlook for its interests in graphite. Let’s see how the theory turns out in practice by this time next month.

My understanding is the 2.5m market cap that is being spoken about is just the ordinary shares. Although speaking about market capitalisation at this point seems a bit silly as there is currently no market, we'll see what it is on readmission.

Still trying to work all this all out !

I need a flow chart!

So, simply, atm old shareholders have 100% of a company that’s only asset is the potential ECT claim.

So old shareholders currently have 100% of the ECT claim.

After admission, old shareholders will have 80% of the potential ECT claim, via pref shares.

They will also have 25.19% of the ord shares of the company. The ord shares assets will be 20% of the potential ECT claim plus 100% of the graphite project.

The value of both the ord shares and the pref shares is uncertain but the RNS says the mcap of the co will be £2.5m on readmission. Not sure if this includes both classes of shares.

Any comments welcome :)

Ok, if the settlement was $80m now, a 64/16 split would surely satisfy almost everyone? LG and the gov. can lock horns and head towards their Greener future, without embarrassing distractions and painful reminders of past misconduct along the way.

There could be about 2.73B new shares in total after the Retail Offer. At 1P per share that means a MC of £27.3M. Of course we are heavily dependent on a good outcome of the ECT case. Anything at 60m dollars or above would suit me as a settlement now - emphasis on now.

$48m to us out of that 60m would work out at about 10P per preference share.

Are we all happy with that - for now?

"Rare earth elements (REEs) can be found with Graphite, most notably in the form of by-product enrichment in Graphite deposits. A significant example is Graphite One’s Graphite Creek project in Alaska, where high-grade Graphite is found alongside Neodymium, Praseodymium, Dysprosium, Terbium, and Yttrium. These discoveries suggest that rare earths can be recovered as a by-product to Graphite production."

The mine could be funded by U.S.A Offtake Agreements rather than dilution.

https://www.americasquarterly.org/article/can-brazil-and-the-u-s-reach-a-deal-on-rare-earths/

Maybe Rare Earth elements in with the Graphite too!!

"Bahia state, Brazil, is emerging as a critical hub for both graphite and rare earth elements (REE), driven by high-grade discoveries and intense investment aimed at diversifying global supply chains."

Rare Earth Elements (REE) in Bahia

Brazil possesses the world's second-largest proven reserves of rare earths, with key assets located in Bahia.

Brazilian Rare Earths (BRE): Operates a "district-scale" project in Bahia, focused on high-grade rare earth mineralisation.

Refining Hub: BRE is advancing a pilot plant in Camaçari, Bahia, to refine high-grade rare earths, with pilot operations expected to begin in mid-2026.

Investment & Partnership: The sector is attracting international attention, including investment to map and develop these resources, with projects in Bahia being a key focus for 2025-2029.

"Bahia state, Brazil, is emerging as a significant global graphite hub, with projects like South Star Battery Metals' Santa Cruz project in southern Bahia starting production in 2024, aiming for 12,000–50,000t/yr. The region contains all five types of graphite—small to jumbo flake and vein graphite—with major deposits located near Itabela, north-central, and other areas."

Key Graphite Activities in Bahia:

South Star Battery Metals (Santa Cruz Project): Located near Itabela, this project is designed for open-pit mining of high-quality flake graphite.

Bahia Graphite Corp: Controls a vast, 121,663-hectare land package in north-central Bahia, holding all 5 types of graphite.

Lajedo Asset: One of the few places in the world (with Sri Lanka and Namibia) containing high-value vein graphite, with Mineral Resource Estimates (MRE) of 7.96 million tons at 5.86% grade.

Capim Grosso Graphite: Gratomic Inc. has conducted extensive trenching, confirming a 4 km mineralized strike length.

Key Features:Quality:

Bahia graphite is considered suitable for high-tech applications, including nuclear energy and electric vehicle (EV) batteries.

Potential: The state is positioned to become a key supplier to North American and European EV battery markets, providing alternatives to Chinese supply chains.

Geology: Many deposits are situated in the Araçuaí Orogen belt, characterized by metamorphic rock with high carbon graphite (Cg) content.