I like it - wording suggests PLS board are the makers of our...

I like it - wording suggests PLS board are the makers of our fate rather than POSCO.

"As previously announced (ASX release dated 27 August 2019), Pilbara Minerals has entered into a
conditional offtake agreement with POSCO for up to 315,000 tpa of spodumene concentrate to be
supplied from its Stage 2 expansions and retains the right to participate (initially at 21% with the option
to increase to 30%) in a downstream joint venture (JV) with POSCO in respect of the chemical
conversion facility in South Korea"

Rereading the paragraph again, I think the worry is that concentrate for the JV is "to be supplied from Stage 2 expansions" in order for the JV to proceed.

Re: expansion update the Qtrly provides:

"Given the expected demand growth in the period 2022-2025 (including Pilbara Minerals’ existing
customers building further chemical conversion capacity within that time), the Company is well
placed to match Pilgangoora production (inclusive of both Plant 1 and 2 processing capacity) to the
demands of its current and future customers."

Board doesn't see Stage 2 in near future.

Maybe there is a work around given at time of JV agreement there could not have been the knowledge of additional supply coming from Plant 2 (i.e. Altura).

What do you guys think? Stage 2 expansion still a precondition to POSCO JV?