LME Pb stocks below 80kt!, page-10

Thanks Excitable.

Good articles.

That kind of explains a bit. So we now know the reason behind the hoarding and as to why one needs to be careful as to any link between stock levels and price. Many producers will have their production stored off LME warehouses and why wouldnt they given the issues with the LME as per Ur items.

Ultimately it comes back to price and I reflect back on the fact that Toho was prepared to stump up for 40% of Abra for around 50% of the project development costs.

So Toho have effectively nailed down 40% of Abra production which is interesting in itself in that they need this Abra production. In effect they almost certainly see lead supply getting tight in the future. If this is the case then G1As share will still have considerable leverage to the lead price given the project metrics.

Im sure AM wont be selling us short when it comes to any offtake arrangements as they can do what they like with their 60% of Abra production if im reading the jv structure correctly.

Gr.