Blackstone's strategy is the right one for this environment. Stop looking at the upstream and downstream as separate entities. The Chinese can afford to drive down metal prices because they still make money at the refinery level via a value added margin in the supply of PCAM to the battery makers.
We will be able to do the same and is the foundation of our overall strategy. Potential partners know this and they would like to diversify away from the Chinese and have a differentiated cleaner product. A green premium is not required when you have a vertically integrated strategy.
Definitely a tough environment for us to drive a deal in though.
GLTAH DYOR
Blackstone's strategy is the right one for this...
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