My understanding is that the tranches are activated at 25k, 27.5k & 30k Kaolin produced.
Production at Pittong is already at a run rate of 20-25k at Pittong.
Considering capacity is underway to increase from 40k to 90k in the short term, surely their production targets should be weighted higher?
They are not really 'making more money', if the options are already in the money.
My understanding is that the tranches are activated at 25k,...
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