Oh yeah. But I prefer to call it 400% extra value for GMM
Yes I know about the profits between carbonate and concentrate.
I wrote a bunch of stuff on it to you this morning - the vertical integration risks.
Last point - and it may or may not be relevant - but its a consideration.
China dominates the spodumene conversion world.
They also have very massive govt rebates and incentives for "Made in China" EVs.
They want every part of the vehicle built there to qualify ( I'll look up the link that refers to this).
Including the battery.
At the moment, even Tesla is apparently looking into a China operation to qualify for these and to avoid the Chinese propensity for protectionism and tariffs.
I know its just one part of the puzzle - there are other clients and other countries etc - but unless GXY/GMM went down the road of building another plant(s) in China they may be locking themselves out of the potential benefits if China gets more of a stranglehold on lithium than it does already.
