Ann: Quarterly Report - December 2018, page-246

"Reduced margin in lithium chemical sales have resulted in a flowback reduction in the contracted process spodumene for the first half of 2019. While contract prices are notably weaker than 2018, they have not reduced by the same percentage magnitude as a fall in Chinese lithium carbonate process in 2018."

"Further as a result of cross volatility, Galaxy is adaptive of its processing strategy for 2019 and has negotiated the price reset during the course of 2019 rather than a 12-month fixed price."

The above is evidence galaxy is a price maker not a price taker.

As explained in previous dialog from management, galaxy are sharing in the profits of the downstream process.

POSCO will take us over end of Feb.

DYOR