Japan Inc, page-9

triage, I believe you are right to expect, at the very least, the superficial appearance of cooperation between the players in the Japanese demand chain. JOGMEC involvement is an indicator of their collective interests - their mandate is all about security of supply of strategic materials for Japanese industry.

Pricing will always be at fair market - quite apart from ORE's dominant interest in the JV and involvement in commercial direction, they cannot afford to upset JEMSE or the Argentina government. Transfer pricing arguments elevate sovereign risk and that runs counter to the strategic interest, which is security of supply.

My only surprise at this time is that Japan Inc has all their eggs in the Olaroz basket. I would not be surprised to see another Japanese backed project soon.