NAL operates exclusively in the best interests of PLL, and to the detriment of SYA. The unanswered question remains - on what basis did the strategic review conclude that keeping NAL open was in the interests of SYA when it’s a high cost, cash burning operation. SC6 spot prices have held up better than carb prices recently, but there’s an argument that they should currently be trading closer to $1k/t based on current spot carb prices.
No one needs to be reminded what the SYA financials look like at these spot prices.
keeping it open is just another source of Spod keeping downward pressure on SC6 pricing.
This should have been in C&M back in January, but too many lithium execs can’t get their heads around the reality that spod
prices are probably not going back above ~$2k/t for another 3-4 years.
AGM 2024, Second Strike and Board Spill., page-144
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