If we use the figures in that table (and happy to!), I am confident of a PE x20, or perhaps even higher, given the looming possibles of an expansion to 5mtpa and with Koreans still hanging about contemplating a joint venture to refine the expanded offtake into battery grade.
When and if the 5mtpa gets the final tick I see the SP wafting north to somewhere in between the PE:10 and PE:20 price for 5mtpa, so about $5.00. That's assuming:
a) there is no further suggestion of an expansion beyond 5mtpa.
b) the South Koreans and PLS don't go forward with a JV to refine product.
c) Francisco et al proves to be just a big pile of dirt.
d) lithium prices don't happen to lift another 25% p.a. or the like (think it was GXY that mentioned this?).
If any of those assumptions turn out to be incorrect, then I have no idea, but somewhere very north of $5.
Merry Christmas
Fundamental Analysis, page-14
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