Agree. It was ambigious.Much will depend on the timing of when...

Agree. It was ambigious.

Much will depend on the timing of when LG wants the product for PLL's 2nd shipment. PLL received a substantial partial prepayment back in August for the 15kt it sold on spot but hasn't appeared to have actually shipped as yet - could well be that customer and LG Chem are content to wait for shipping issues to improve.

What we do know is that PLL is entitled to the greater of 56500t or 50% of the entire 2023 production. That will all be sorted out.

I have pointed out previously that it is quite clear that neither partner wants more capital calls to contribute funds. Costs of production need to be covered for that to happen and that means regular shipments outside the OTA agreement.

The JV may well have budgeted for the 1st PLL shipment to have been loaded quite a few weeks ago and obviously despite having received tens of millions in partial prepayment from their spot customer, PLL will not be paying the JV for the product before it is over the rails of a ship.