I wouldn't necessarily bet in Incitec Pivot being around...

I wouldn't necessarily bet in Incitec Pivot being around Phosphate Hill after 2022 either, if, as you say the power and gas prices are getting too much for Glencore's Mt Isa smelters to be profitable then Glencore will shut their smelter down, once the cheap and nearby supply of acid is gone then that gives Incitec Pivot even more reason to close down Phosphate Hill, IPL are already dealing with sky high gas prices and once the acid supply is switched off then IPL will be quite happy to relocate their business elsewhere, as they are already starting to do with their move into the USA (cheaper gas prices and lower costs and soon to be lower corporate tax rates as well).

My friend in the acid business says that liquid sulphuric acid prices are actually defacto cost of transportation prices, the further you have to ship/rail/truck the acid the worse the economics. Going back to AML (and some other Co-Pyrite Concentrate hopefuls) - the solid pyrite concentrate is easier and cheaper (per ton) to transport than liquid sulphuric acids so that may help their case a bit, but there is going to be a bit of a logistics story to this in the future, and logistics are capital intensive and expensive to build but at least its the same logistics stream as transporting your base metal concentrates so facilities and logistics are somewhat common.