I think that the GLX sales platform leads to smoother and more efficient expansions, meaning the company could expand beyond or ahead of what is required to meet all stage offtakes, in that expanding by 200kt once, instead of expanding 100kt twice would be more cost efficient, limit plant disruptions and avoid potential workforce issues.
Expanding ahead of immediate needs will obviously demand higher capex at time of construction, but construction costs don't stand still, with each expansion phase costing more. BMI expect hydroxide prices to keep rising, and have stated their incentive price to be just over US$16kpt (AUD$20,800), and on that note, temporary excess capacity to sell on GLX sales platform would prove very profitable.
It's a good time to have excess capacity, with spod spot prices now at $700pt, thus gross margins of $350 to $370pt, not to mention that the first $200 mill profits will offset existing income losses, thus tax free, leaving $60 mill in coffers which could cover the costs for plant 1 improvements and plant 2 fix, thank you Canberra.
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