Ann: Olaroz lithium facility update, page-34

2,200 not 1,200 (6,000 - 3,800). The 2,200 for Q1 is a hangover from the pond inventory issues they've had.

3,800 is a pretty good number (15,200 tonnes annualised), and Richard said the plant could have produced more but that would have risked a slump in production over next winter due to low brine inventory. So reaching nameplate is/was a pond issue not a plant issue.

He more or less admitted that they had screwed up with the winter pond inventory in the past. In this context the new ponds being built or already in operation augur well for next winter's production (thanks Audax!)

I think the soft market prices are more related to USA-China trade tensions than any truth in Morgan Stanley predictions.