Couple of clarifications:
"Battery Grade" does not simply refer to lithium carbonate concentration. What is "battery grade" will very between customers depending on their battery manufacturing process. As well as lithium carbonate concentration, these customers will also be concerned about which elements make up the impurities, as well as the quality and uniformity of the
micronisation. This is why customers need to qualify the actual product from a given plant before accepting it as suitable for use in their particular process.
There isn't a separate brine flow for BG - BG is produced from the industrial grade product produced from the primary circuit.
Orocobre does have debt - its share in the Olaroz JV. This hasn't been reflected in its accounts before now because ORE has used equity accounting to incorporate the JV in its accounts. From 1 January 2019, Orocobre will consolidate the accounts of SDJ PTE and stop equity accounting, so its share of the debt should show up on its balance sheet in the upcoming annual report.