Chairman Interview, page-93

Hi mate,

The information below should answer your question.

At the bottom, you'll see the production costs of IPL v LCK (NRZ) and the urea production cost advantages due to the direct extraction of syngas.

Even if Incitec Pivot were able to secure the natural gas, they still needed to convert it to syngas, which is roughly $2-3/GJ I believe. That graphic was from an LCK presentation in 2020, you'll appreciate that there have been some developments with the higher cost producer since then.