Gina made a profit of $5 billion last financial year, mainly...

Gina made a profit of $5 billion last financial year, mainly from her Roy Hill iron ore mine (75% ownership), she had $19.9 billion cash as at 30 June 2023. She has piles of cash, far enough to buy and fund a couple of world class lithium projects.

Here's the post I wrote three days ago,
SQM and Gina are currently buying 60% of the Andover project (around 5 years away from the production) for $1.7B, valuing the whole project at $2.8B.
LTR, currently market cap $2.2B, including spending $1B to develop and build the mine, if less the $1B development costs/capex, LTR is currently valued at $1.5B (added back $300m debt).
So more advantage stage LTR is only valued at $1.5B Vs early stage Andover at $2.8B.

Let's look forward, current LTR cash reserve is sufficient to complete the construction, valuation to construction completion is $2.5B; 100% of the Andover project is valued at $2.8B before construction, adds $1B capex, valuation to construction completion is $3.8B;
LTR $2.5B Vs Andover $3.8B.
More advanced, few years ahead, but valuation is 52% less.

https://hotcopper.com.au/posts/72089902/single