A comparison between LTR and PMT is nonsensical at this stage. Hence, questions around how ALB's investment in LTR and PMT is valued are also pointless. Both companies are at completely different stages in the cycle.
ALB's stake in PMT provided optionality.
ALB's stake in LTR was for the purpose of a takeover.
However, the sale of the stake in LTR at a loss is completely confusing and makes no sense whatsoever. The bureaucracy at ALB is self evident because ALB is a strategic lithium business (technically speaking they are not a miner/operator) so they should be looking at what could be in the future including their immediate investments (unless of course they think values will never recover which is a terrible indication of what they saw/viewed at LTR).
Ann: Patriot Commences Quebec's Largest Lithium Drill Campaign, page-31
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