The lead price has not been very kind to us of late and there is...

The lead price has not been very kind to us of late and there is general skittishness across the base metals sector. The lead inventory levels paint a totally different picture. At some point the falling inventory levels will overcome investor fears and all the shorters will rush for the door at the same time.

Unless you are looking for a quick flip it doesn't really matter to us. Any off-take partner is concerned about the physical supply and wondering where they are going to get quality raw material from in the future. They are not too worried about today's spot price, but the price in 2021 and if they will be able to meet customer demand - it doesn't matter how high the price is in 2021 if you have nothing to sell. Wait and buy the dips.