No, they aren't paying market prices.
"Offtake pricing will be determined via a formula, which is linked to the prevailing price of downstream lithium products."
Why would they fork out $130m and then pay market prices?
Ganfeng want a reliable supply of lithium at a reasonable price. They need to keep the price of their downstream products competitive and ensure that their manufacturing is profitable. Hence they don't want to be exposed to spot prices for lithium.
They are paying a price which is linked to the prevailing price of lithium products. That is a lot different to actually paying the market price for raw materials.
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