Ann: Quarterly Reports - December 2017, page-200

Well don't forget that less than half of the value of GXY is in Mt C, the majority is in their SDV and JB projects. If it the odds of these going ahead falls, (or even if the SP of similar projects falls), then the SP of GXY falls. Obviously a super low cost project like SQMs (and ORE's costs are expected to be quite low too) is going ahead in front of SDV and JB, and will also sit miles in front of Mt C (and all of the hard rock Spodumeneers other than Greenbushes) on the cost curve as well. Mt C has been mothballed before obviously - I'm not sure what happens if prices become uneconomic, as their 5 year offtake agreement only mentions pricing being locked in for 2018. Hopefully the offtake deal protects them from having to sell under cost as inferred, but not outright stated in the 29/11/17 release. Nobody can truly know how Li demand will pan out, but based on some projections, oncoming supply looks totally overwhelming.