For a miner refiner the margins will of course be bigger than...

For a miner refiner the margins will of course be bigger than simply selling a raw material product into a market. Additionally it adds value in terms of specialism to the company in terms of labour workforce and plant and hence enterprise value overall will be much much greater. It is also a key point of differentiation between simple mining operations and chemical production. The real question is why sell Spod at $1800AuS versus $12k- that's your answer. You might be trying to justify a continuation is status quo, but we all know this is only a short term arrangement based on decision to move to carbonate. The clock has been ticking for quite awhile and a decision can't be far off