Let's get one thing straight, if battery manufactures want...

Let's get one thing straight, if battery manufactures want battery quality Lithium they need the raw products. Biting the hand that feeds them is not a wise policy...they can squeeze them certainly, but put them out of bussiness doesn't help their cause one bit, just pushes prices back up....PLS by its scale will do just fine during a squeeze, making up for lower prices by volume and doing very well with higher prices, safe in the knowledge that as long as Spodemene is required for batteries they have the goods and can produce at the lower end of the cost spectrum....

Conversion is will be where the margins will get squeezed but there is considerable room to play in that space currently, conversion is also where the technological advances will be made, so always a more challenging space...

Cheers Whisky