To help clarify my answer, I think the value of ARU will be well...

To help clarify my answer, I think the value of ARU will be well above in 20c 2029. I note you've capitalised the F in fair but not the V in value and word games are anathema to my attempts to post honestly.

It's obviously based on the REE price at the time and if there are "teething" problems in Ramp Up. The whole thing is based on what you have correctly identified as the price the off-takers pay for equity with incentive pricing.

What I tried to add was but was too slow (I don't want to get into the centre of a fight [I have one of my own from yesterday hopefully resolved]). Good luck to both of you (all of us).

I hope equity pricing is resolved soon. I also note ILU is crying "uncle" to the govt. but I hold RRL which the latter tried to throw under a bus. My comment was Miners try to be honest because what they say in permits is bourne out whereas the government can and does say anything, especially this one. A point you are 100% correct on. I imagine them saying oh we'll produce all these renewables then (after finding?) they can't deliver. We'll give loans to ILU, ASM and ARU because it's patently clear we're talking shite and those projects are in development for over a dozen years (We desperately need the steal or share cred).

All IMVHO.