Ann: Half Year Accounts Presentation, page-68

Why wouldn't they simply borrow money, as they did to build the current plant? With the current plant producing at a handsome profit, I would have thought that banks would be more than happy to lend for the project expansion.

While the production volume may not yet be at nameplate, the profit margin is significantly greater than was the case when the original project finance was obtained, so overall revenue and profit are likely as much or more than if the plant was producing at nameplate with the originally projected Lithium Carbonate price.