On the comparison of the 3 companies ORE PLS GXY
Orocobre have had some terrible pricing and the operation is producing roughly 13,000tpa of various grades of lithium chemicals. Generally on the lower quality which is the reason for the lower average price received. To their benefit in the 2 half of this year their 10,000tpa hydroxide plant which they will own 70% (I think) will commence ramp up. By refinishing their product they will receive higher margins. Plus they have been working on expanding production at Olaroz.
Galaxy wise, they are measurable against Pilbara for the reason of being a producer of spodumene. Using AU$650 as the pricing and comparing 330,000 (PLS) with 200,000 (GXY) it seems that PLS has a market cap at a 16x vs GXY at around 12x
They have an impending announcement regarding Sal De Vida and commencing construction June/July. Target is ~12,000tpa
Pilbara, as I mentioned appear to be trading at a 16x multiple though that is based on plant 1. The developments that I think will boost Pilbara is Plantura coming back online and increasing production to 550,000... And whilst we know pricing would be expected to be higher than AU$650 (more like AU$850) that multiple would drop to 9.5x.
So news on Plantura will assist.
Also, lithium chemicals production. The POSCO discussions have been going for quite sometime, and in that little video the other day PLS mentioned about looking at an alternative plan outside of POSCO for that to occur. Perhaps they will go ahead with both... More news on those plans will grab some more attention. Piedmont have been grabbing attention with their plan to convert. Producing lithium chemicals is a key differentiator.
A profitable quarter will also help, which appears to have occured.
That's roughly how I am looking at those 3 players.
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