Good note - well argued The market was super tight before Russia...

Good note - well argued

The market was super tight before Russia invaded Ukraine and they produced 15% of global rutile supply and 5% of ilmenite.

We have both been in commodity markets for a long time…a 2% deficit over a year will cause havoc, so the upside is difficult to quantify

In 2001, when China really started to kick…long term iron ore marketers thought $40 per tonne was incredible and $50 per tonne ridiculous…same thing in coal. I used to joke that if the marketing manager was older than 40 then they just couldn’t understand the new dynamic

A good SC6 lithium price was $700 - it is currently $5000 per tonne and honestly could go to $15,000 per tonne and the Chines for so long e lithium converters would still be making good money

This is the ‘revenge of the old economy’

They are all critical minerals….when you starve them of investment you pay the price. This is like a ‘Minsky’ moment for Chemours etc…they have pounded and screwed the suppliers for so long, and kept their feedstock prices cheap and flatlining for so long, that they about to pay 5x what they did pay