$3 Party, page-213

Are you talking FOB or CIF as that makes a huge difference to the bottom line? I very much doubt LTR will be less than $1000 CIF per tonne. Underground spodumene extraction is still an unknown and I can't see cash costs at $450 per tonne, let alone taking into account LOM considerations. In saying that though, I do believe LTR will be at the lower end of the 'new producers' cost curve. We can't all be Greenbushes but I do believe demand will keep the majority of significant producers that come on stream in the next 12-18 months will be on the right side of the cost curve throughout the cycles. Downstream activity will further insulate producers from price fluctuations.