Ann: FY22 December 2021 Half Year Results Presentation, page-76

I think it's a matter of what provides the best bang for your buck, meaning the market for lithium is going to remain tight for the decade, thus elevated pricing environment remains, therefore, recycling profits into grow initiatives would derive a much better return on capital.

Expanding now, allows them to take advantage of being a first mover, putting pressure on the relevance of new projects hoping to come online, using first mover advantage to truly establish themselves and their suite of products in the market, somewhat blocking or curtailing the level of supply from the newcomers, where the big dog can influence the wannabes.