Does this help @schmunzel75? Glyn Lawcock A few questions....

Does this help @schmunzel75?

Glyn Lawcock

A few questions. Firstly, just given your market commentary earlier in the call, how would you -- on pricing you talked about, how would you say that this is relative to where you were when you negotiated 2018. Is the market better? That's the -- if you had to negotiate today, you'd end up with a better price, flat price or down. Secondly, just for Alan, the financial asset purchases, maybe I missed it in the half, but a net $11 million out the door in the half, just wondering what that was on? And then finally, just on Sal de Vida. Obviously, you've got the money from POSCO coming in later this year, as you said. How do you think about that now? I mean, yes, there's capital management. Yes, there's the joint venture sell down. But what about hanging on to it? I mean, have you changed your thoughts about how much you want to sell down. And given the money coming in, do you still need to sell down? Just wondering how you're thinking about that now in terms of the percentage you make.

Anthony Tse

Sure. So in terms of the market, I would actually split that up into kind of two levels and probably a couple of different angle subsets within those two levels. The first thing is fundamentals. And so if we look at the fundamental demand-supply situation, we see the demand side of the equation only getting stronger. We see the supply side being somewhat, how can I say, supported by a sentiment of anticipated supply coming online. But when we actually try and look at some of the data in the market, that supply really hasn't come online in any significant volume in terms of kind of coming out of Australia. We do see some increased supply coming online in China, but as I mentioned earlier on the call, the quality of that supply has been less relevant to the battery material market. And so when you look at the fundamentals, you have a bit of a dislocate between what I call the actual real demand and supply situation versus what the sentiment is at the moment. And my view is that the sentiment has been affected by perceived kind of mass volumes of supply coming online when in fact, I think by the end of this calendar year, you'll be actually able to count the exact number of tonnes that actually came online and how much of those tonnes actually eventually made it into kind of chemical LCVs. But then there's the perception and we're living in a very -- there's a sentiment and we're living in a very volatile situation at the moment, not just in lithium but across many other factors, and there's a -- there's a fair amount of lack of visibility on the macro side. Obviously, trade war tensions as well as other factors have played -- have increased their pressure in terms of if you look at the renminbi relationship with U.S. dollar, that's been somewhat impacted as well. But as I said, I think that the demand fundamentals will probably push through in the second half of the year. So that's kind of how I think about it at the moment. And in terms of where we are last year, are we in a worse situation from demand-supply perspective? I would say no. Is the sentiment at this point of this year as good as where it was last year? The answer to that is probably no as well. So kind of six or half of the other -- half a dozen of the other from a kind of pricing environment, yes, we actually kind of look at it by sector on a couple of levels and that's just in China. And then when you actually overlay kind of what's happening in the rest of the world versus what's happening in China, you're getting a more kind of divergent kind of set of parameters that you have to kind of take into account and have a decent read through as well. But overall, we are still kind of quite positive kind of going forward. So that was your first question. Your second question, Glyn, was for Alan, right?


Alan Rule

Around the financial assets. Glyn, if you look at the December half, we had the financial asset which was investment in Lepidico. In the half to June, we made a further strategic investment, not in Lepidico, that we're holding at 30 June.

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