So, you are asking me to unpack a few things - but first of all, I'm thinking that maybe there is some misunderstanding of the JV and rights of the sponsors. There is ONE GIANT THING that is getting mixed up over and over again.
PLL is SIMULTANEOUSLY a CUSTOMER of the JV (because they have a direct OTA. It's between SYQ - PLL) and an OWNER of the JV (the 25% project equity). SYA IS NOT A CUSTOMER of the JV, just an owner. What I'm reading from you and several others, is that distinction has been lost.
SYA may well be negotiating an OTA for the JV SYQ with a counterparty (say Samsung to put in a name). It might be a PLL employee doing it on behalf of SYQ. I really don't care - as long as they present to SYQ an OTA that is in the best interest of the JV. Now, I'll say it and get it out of the way, there is no way that SYQ could sign an OTA that (purposely) disadvantages the SYQ to "get at PLL". So no way is it possible for SYQ to sign a OTA with SYA for $900/t LoM. You're going to have to think that through as, despite the dislike of KP here, he is not stupid. There are mechanisms in JVs to protect minority interests.
So with PLL's OTA with LG Chem and subsequent capital raising ... of course NONE of the capital raised would flow to the JV. Neither does any of the margin earned from what price PLL sells SC to LG. SYQ sells SC6 to PLL for $900/t (quality adjusted). SYA is of course free to raise as much capital in whatever form it chooses - all that PLL & SYA have to do is meet the capital calls made by the JV to retain their respect interests.
That's it on Capex. And TAX BREAKS are not capital. You can't invest a pre-production tax break. You get to pay less tax on profit but thats down the road. Different bucket.
Now that Opex was COMPARATIVE. As in what are, in LAC's case, some of the most up-to-date Opex expected from Carbonate producers - one from a new source in Nevada - so right there in our face competition and then another from Argentina - which may be competition but also might not. This is a margin discussion - so not "silly" and something you will find in just about every PFS and DFS - are they silly?
I suspect the last paragraph is the one you would like to discuss. Sorry but I just can't indulge the "finger pointing" delaying conspiracy theory. That's just not in my investor DNA.
Whatever restructuring that occurs if/when downstream processing begins for NAL is not going to be known for some time. So the short answer to your question is - Yes I disagree with you.
I know you disagree with my view too (as a SYA shareholder) and it's likely in the minority. But guess what, so far I'm happy with how my research and views on my NAL investment (meaning I held PLL before I bought SYA and I bought SYA because of the JV's success acquiring NAL).
If you had 1 question you could ask BL, what would it be?
SYA Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
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