Based on this this is probably the formula they use
Calculation at Mine Gate
USD/tonne x Royalty Rate = Royalty Per Tonne of Spodumene 700 x 5% = USD $35
Imagine they thought the long term price was going to be $700..
it is now $1000
and it appears in "operating costs (CIF)"
H1 '23 must have been a great year and it fell by 21% due to this 5% royalty.
Looks H1 '24 was when the rot really set in
Spodumene Prices, page-4453
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