There is a lot to be happy with here. I have been saying for a while that refining is the pinch point. You can not have NAL, Moblan, Winsome, PMT, Arcadium (james bay) and Nemaska all producing Spodumene and only 1 refinery. Canada, Quebec and the OEM's will have to support this need and it looks to me to be 5 or 6 more refineries in the next 10 years.
Q4 Earning Discussion Area, page-84
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