General Discussion Topics, page-89347

I'll give a quick opinion.

PLL own 25% of the Equity and SYA 75% of the equity In SYQ. Any PROFIT from JV sales (so that's the selling by SYQ to PLL at $900/t and the selling by SYQ to other customers) is held by the JV UNTIL the JV decides to make a distribution to the equity holders.

If for example the JV had retained earnings on the balance sheet of $500M and decided to invest $300M in a carbonate plant and pay $200M as a distribution, the SYQ would own 100% of a carbonate plant and SYA has a 75% equity interest in the plant and PLL would have 25% and from the distribution of JV cash SYA would receive $150M and PLL $50M

The profit from sales of SC by PLL from its OTA is extraneous to SYQ.