Ann: Spot sale linked to hydroxide chemical pricing, page-124

It's not a bad thought Buggo, however, if the converter does not have offtake agreements for feedstock with other suppliers, I imagine the margin available to the converter in this scenario would be pretty skinny, thus do you want to do business with such a company, "long term".

If the converter does have other offtakes agreements in place and their business is stable/ticks the boxes, I would prefer any such arrangement be with an ex-China play. However, the only ex-China dedicated spod conversion capacity I'm aware of atm, is POSCO Chem operations in SK.

I think owning some or all of your conversation capacity is a safer bet, as you likely have opportunity to expand capacity, thus improving economies of scale, etc. Yes, you need to deploy capex, which I believe buys security. You are the boss, thus have choice wrt customers, trimming back supply in oversupplied market, etc.