Interesting inconsistency in his remarks.
Absolutely. We go back to the basics: time to money, time to market. Is there a market today? You'll have to base your business on the market that actually exists today, not on some dream about a future market.
and then this quote
My feeling is that prices will never go back to that level. That is due not only to demand from traditional applications, but also new applications for graphite coming online in the next 5–10 years.
Yeah, let's base a business model on a feeling :) Most importantly, Mason Graphite won't have an operating mine until 2015. I'm pretty sure graphene and high tech graphite applications will be much more interesting (read: profitable) in 2015 then they are now. So to base Mason's business model on the market today is BS.
That being said, you don't have to be a genius to see Timcal is the player behind Mason Graphite. That's why you already pay a big premium for a junior which won't have the mine up and running until 2015 (and probably later at full capacity).