How has anyone not pointed out that we also have a ROFR over Great Wall conversion capacity?
If you are Great Wall and investing in downstream product, and you're the end user, how likely is it that you then move that product through a middle man for the next 15 years? I would say highly unlikely.
Given we can fund it we are moving into the upstream business as well as producing 800kt a year of spod. I lol'd a few days ago at PF's $7.5bn valuation. I may have to eat my hat one day.
So much water to go under the bridge but I never believed downstream with GL. It may just happen with Great Wall. Location will be the only sticking point.
Overall a solid announcement. Stage 2 expansion is probably going to cost $150m all in. Great Wall allocating $66. Ganfeng probably matches that. We also have another 150kt at least unallocated so can support a 3rd partner.
Ann: Great Wall Motor Backs Pilgangoora Stage 2 Expansion, page-25
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