Depending on the terms of the Glencore (or other debt facility). $3500/t LCE is profitable at current prices however Glencore will likely take a decent chunk or all of that.
The AISC $7000/t including converting to Carbonate, royalties, transport, sustaining capex etc (basically everything except for growth capex) so it's definately a figure for down the track not Year 1.
Ann: Presentation - RIU Fremantle, page-22
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