Ann: Proposal from Wesfarmers, page-462

As @col69 just said WES have publicly stated that it may cost them $300M more to build the plant with SQM. Of course they would. They also leaked to other press that there were some hiccups with the DD. There always is. They nevertheless proceeded and have tied the KDR Board and SQM to all sorts of restrictions, first rights of refusal, exclusivity offers and break fees and are telling everyone willingly. I read this as code for "The refinery is going to be bloody expensive and KDR/SQM have underestimated its costs so be thankful we are still proceeding, and everyone keep away as we want it anyway and have got our lawyers to make it as hard as we can to stop anyone else from bidding, but don't you KDR shareholders think for one minute we can pay anymore". Just the type of crazy stuff and mixed messages you can get with a TO of a prized asset. I have no idea what will happen and it is gut feeling from here, except that history indicates that the first offer is rarely the last. There is are also many months to go. I am holding and voting NO, the upside is just too attractive and WES needs to pay more. WES cannot feel confident that they will get over the line either with this. They keep harping on about the attractive premium while ignoring the fact that lithium is again on the move. Make no mistake they want this project and will pay more to get it. I wouldn't write off RIO yet but I have no intel on that, it just makes sense for them to buy 50% of a large resource together with one of the world's big lithium players in Rio's own backyard.