Forming up nicely, page-3

completely agree ddzx - as an SO4 holder I'd prefer them to buy TMG (assuming progress continues to be positive of course) for a fair price than to develop their own much lower grade lakes (after Lake Way of course). And I think it makes sense for the sector and Australia as a whole to develop the higher grade resources first (certainly from an environmental perspective anyway).

it would obviously reduce the returns available to TMG holders (myself included) in the longer-term, but should still be a very decent return from here - I haven't looked into what you could justify spending on a higher grade asset in order to avoid the increased capex requirements associated with lower grade ones, but it's probably a multiple of TMG's current price.