Day to day discussions on S/P, page-7161

"Even Greenbushes is struggling to compete on pricing as it digs deeper and has to expand it's operations."

"Who knows, we may end up being World No 1. "

It's interesting ALB CEO Luther Kissem chose to buy into Wodgina. They have a 50% share of Greenbushes and they are expanding (or at least they've stated publicly), that they're expanding Greenbushes to produce 2mtpa of SC6. Even at our Stage 3 nameplate of 7.5mtpa, we'll be producing around 1.25mpta of SC6. Wodgina is looking at 5mtpa or some 780ktpa of SC6. 

Why would ALB bother with Wodgina? Will the Greenbushes expansion not succeed? More supply queries. There ain't no queries about demand, that's for sure.

Are they losing faith in their brines supply? Even SQM sell to Tianqi and buy 50% of Earl Grey hard rock.

Will ALB look to expand Wodgina? The chemical conversion stage has already been publicly announced. Will MIN be able to participate or hamstrung them? Or do they jointly have Pilbara consolidation plans?

AJM has its problems but barring impediments, it should prove enormously successful. Something is holding back the PLS SP, no doubt. It's currently valued as a Stage 1 operation only, that is looking at a 6 month shutdown for some reason but ... ain't gonna happen!

3 year average of future maintainable earnings is 8c, times a conservative p/e of 15 is $1.20 for a 50+ year resource. Downstream plans, Stage 3 plus more, deserves to double that p/e, at least.

RIO, FMG, Gina, POSCO, Ganfeng and perhaps ALB (consolidate the Pilbara?) all staring at Pilgangoora, one of the largest AND the only 100% owned hard rock resource in the world.