SYA, of $70m cash spent, $48m was for capex and exploration as they have multiple projects.
Their operation cost increased to A$1,397/t due to shutdown and underperformed (as well as ramp up). The big cash outflow from operating, mainly due to less sales (2/3 production sold during the quarter, time different). LTR's annual production capacity is just over 3 times of NAL. If NAL ramped up to full capacity, their opex could reduce to around US$700/t. LTR's 3 times production capacity, unit cost will obviously be reducing.
If lithium price sustained as currently Chinese price, LTR would still be able to generate around $229m profit before tax per year. Plenty of buffer for initial high cost during ramp up (usually 6-12 months) stage, imo.
All imo.
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