I simply don't believe there is any such thing as 'smelter credits'.
Are there any examples of this in any other commodity, company?
IMO, and as detailed in previous posts, these 'smelter credits' are not an actual credit payment back to e25 from the customer, simply a value-in-use evaluation of e25's product after it has been through the customer's smelter a number of times, which will ultimately determine the price paid by the customer in reference to the 44% benchmark.
If it is good product, will attract less of a discount.
The Dawn of EV, page-1347
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