Ann: Becoming a substantial holder, page-24

Yes Occam's razor principles say it's just an arbitrage play of JPM.

But strategically, this is a critical mineral and the 10% incentives that the US has offered have not worked.

There are more ways of getting the Li than owning a mine although the latter is the cheapest obviously. But the Chinese are desperate for this quality and type of Li.

Gina, SQM and Creasy via the BidCo will sell Li off take to the Chinese.

If US-based whales aren't alive to this issue then something is wrong.

So even if the deal goes through or the compulsory takeover we are potentially still looking at export bans as a delayed response, FIRB is not the only mechanism the government has.

I am hoping that a bigger offer is around the corner.