scarpa - greenbushes operated decades as a tin mine. Lithium is only a relatively recent venture. pls/min started with dso but they had already made the fid for stage 1. Plus, dso ore and spod concentrate is the same supply chain.. both end up be converted to lithium carbonate or hydroxide.
Ceramics kaolin and hpa are totally different supply chains, with different end users. So it’s not starting low and building up, instead it’s starting cheap and low margin (imo) and then pivoting at some later stage to a completely different business (hpa). It’s a bit selling raw peanuts to peanut oil makers, to fund a gourmet peanut butter factory production strategy. Different end product, different customer, different industry. It’s completely nuts.
