Yes, but ... is the interest increasing? Or decreasing?
In Oct 17, Great Wall agreed to US$50M of debt funding to secure 75ktpa supply. In Mar19 this was halved to US$25M @ 9%pa secured against PLS assets to guarantee them the same amount.
In Jun17, GFL agreed to A$65M of debt financing for 75ktpa. In Mar19 this was reduced to A$50M of discounted equity (64c) again for the same amount of supply.
In both cases it appears these small investments have secured supply on what appear to be highly favourable spod prices and deal terms (discounted equity, secured debt, high interest rate). Of course, the pricing formulas may help PLS if there is a downturn in spod prices and an upturn in Li carbonate prices ... but we’re really in the dark on how they work.
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