I believe the UK and others will pay for their own refineries and coatings. TLG will supply graphite concentrate and charge royalties.
This means clients can build 10 refineries around the world concurrently. While LKAB focus on extraction and Mitsui and TLG focus on Customers and Tech.
So TLG avoid permitting issues outside Sweden and the capex.
Just an opinion of course. But you will see in presentations they say they are discussing "material transfer agreements " and MT mentioned technology licensing.
Share discount offer to raise money, page-25
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