The MNS margins for the high purity feedstock seem to work...

The MNS margins for the high purity feedstock seem to work backwards from expected sales contracts of anode material, and the associated toll costs of manufacturing the spherical. I'm not sure if they are expecting customers of raw concentrate at those prices (but I don't think it's safe to definitively rule out).

SYRs 59ktpa of offtakes to the Li-ion market are purely for spherical (both coated and uncoated) and while KNLs Sojitz agreement is for concentrate, it's to be turned into spherical before it hits the end users (am I right in this regard @Heeman?).

The margins are derived from the value add, so the pursuit of high purity concentrate doesn't make sense to then sell as raw concentrate for someone else to pocket the margins.

So the question is, do BKT now follow the path of in house value add or supply chain development? Is there any info on who is conducting the spherical production test work in case they decide to follow the toll manufacture path over the in house plant construction?

My brother is in this so I'm watching closely, I hope the upcoming spherical results are fantastic. I heard a rumour of BKT meeting with a certain car manufacturer in Europe, but haven't yet found anything to substantiate it.