More of the same or....., page-4

I agree fully @El_Jefe

On the pricing front, there are three thoughts that come to mind for me:

First is the $680 floor for the existing agreement should be rock solid. If they want to drop it further, it would require another agreement and renegotiation. That would be a sorry state of affairs, and there would have to be another cherry for A40 to agree to it. Debt forgiveness on the prepayments etc.

Second is we don't know how the next agreements will be priced, so the $680 floor with Jiangte might be rock solid, but it only covers 50% of production. The other 50% could be priced differently and may not have a floor. 50% at $680 doesn't mean a whole lot if the other 50% is  much lower. We have to wait and see.

Third is that later in the year, hydroxide pricing comes into the equation. At present, that should provide some support for the spod price, as I believe the hydroxide price is higher than carbonate everywhere, including China.

On the production side, I do wonder if the issues faced last year have been because there wasn't enough direct oversight. I doubt we can praise Mark Turner for the uplift in production, but it would probably be justified if we find a stable production with no interruptions going forward.

Cheers