Let's make this clear. Moving NAL to refining chemicals...

Let's make this clear. Moving NAL to refining chemicals does NOT remove the offtake agreement with PLL.
Once NAL is producing Carbonate, then the initial 176kt or 186kt (i'm not digging up the paperwork to check) will be allocated to the refinery. The remaining Spodumene Concentrate produced after that initial allocation, which could be the difference up to 226kt or at this stage potentially more, PLL will be ENTITLED to purchase at the $900usd/t ceiling. That clause in the agreement is in place for the life of the NAL mine.
We need to stop saying that the move to chemicals removes the offtake. It doesnt.
It only changes the allocation of the spodumene concentrate entitlements.
PLL will have 25% interest in the refined Carbonate from SYQ.
There is still incentive for PLL to move to Carbonate.