Yes near the start of the investment cycle.
Main risks are substitution, currency, new plant design.
We mitigate those by firstly guaranteeing a clean low carbon footprint supply, and secondly by having a cheap diversified output.
I think it's a game of chicken with offtake partners, try to get as many on the board as possible and negotiate in good faith for an outcome on at least one of them. It's a short and well defined time frame to financing, so I expect it will get interesting rather quickly at some stage this year.
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