Ann: VHM Signs Binding Offtake Agreement, page-5

I worked out ~US$600/t for the zircon/Titanium con, and VHM assumed ~37.5% payability of the contained REO Basket in the RE Con...

A deal with Shenghe (or any Chinese these days) is really viewed as a deal with the devil, but a necessary one if you follow the industry. I was particularly interested if Shenge would do a sweetheart deal of a higher payability than the West could afford to offer in an effort to keep their stranglehold on the Re supply chain etc. The critical part of any offtake pricing linked to a floating market mon-con spot price is the % payability, which they haven;t told us?