We think its because the cost to convert chloride to BG carbonate is significantly cheaper than the cost to convert spodumene concentrate to carbonate (e.g. US$2,000 for chloride to carbonate vs US$3,000-4,000 for spod to carbonate). I haven't had a chance to run the numbers myself yet or have this theory confirmed.
For asxinvestor2024: Hey mate... not sure if you are aware but bombers sold out of Galan a long time ago. It is extremely unlikely that he would have bought back a significant holding until the lithium price turns (this is just how he operates). This means he is still waiting to accumulate. The fact that you are downramping this stock really just means you are working for him. He is grinning from ear to ear right now, I have no doubt about that. I look forward to the day when he buys in properly as I'm sure he will start commenting on the stock regularly and providing us with his valuable insights and knowledge. Until he starts doing this you know he has not taken a large position.
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