Ann: December 2017 Quarterly Activities Report, page-74

Look into who Huayou Cobalt largest established long term customer is ?
Cathode manufacturer ShanShan who this year took top spot in China as the no 1 cathode producer and this is where it is interesting .
Bulk of ShanShan products are then directly sold to CATL.
None goes to Korean or Japanese battery producers.
Long term established business partnerships in the supply chain .
Why introduce a new Chinese Major ?
60 billion worth of VW contracts and miners/manufacturers/ have bank security with end customers.
all imo.