10.5Mt @ 1% needs to be upgraded to 6% spodumene concentrate aka SC6.
This is not a perfect process so a recovery rate needs to be used. Let's make that 70%.
10.5 * 0.7 / 6 = 1,225Kt recoverable SC6.
In Ground Value at the record October auction price = $3.2B
IGV at long term SC6 price of 600-700 USD = $735-857M
Spodumene pricing, page-3
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