That's correct, the conversation ratio from Spodumene concentrates to Carbonate is around 8x. However, the price of Carbonate needs to be above 33-35k to be economically feasible.
Selling Spodumene concentrates of 332000 @ $4000usd = $1.328B in today's market
However once converted to Carbonate, we will be sitting about 41,500 tonnes @ $25k = $1.0375B (Hence no point in converting it)
But if we sell it as per ALLKEM $43,981 USD, we could be looking at $1.825b which equates to around $2.83b
(I don't see the Carbonate price going below 35k thresholds, I believe we will be looking at $50k range in the medium to long term)
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