Since 2012, Syrah Resources has raised $771 million in capital to finance a mine yet to produce enough natural graphite to generate positive operating cash flows. It's been too much for most investors, many having sold out along the way. But AustralianSuper keeps the faith, and as long as it does, Syrah will get its capital.

For the sake of the industry fund's members, we hope it works out. But the arithmetic here is not flattering for anyone other than Syrah's bankers. Credit Suisse has taken the lion's share of roughly $25 million in raising costs, as we calculated last week. Which is a lot, but hey, they have sold an awful lot of stock.