I think this is the issue, producers are still too bullish on...

I think this is the issue, producers are still too bullish on the Li price, they are still all expanding production (including us). This only gets resolved when PLS, LTR and MIN halve their production, none of them make money at these prices. Its better to sell half at a higher profit then double volume at a loss.

I also think part of the problem is that the last boom allowed a number of companies to raise alot of money and so there are companies out there trying to get into production that would never have seen the light of day if pricing didn't go so high. If you are the management of one of these companies your job is to keep trying to raise money and get into production because this is your only job and you want to keep it. If boards were rational, they would stop all work and conserve cash. The only way this get resolved is for them to run out of money and be unable to raise any more or get bought out. Don't want to pick on GLN, but if they are able to raise money to continue then we still have a way to go until we hit bottom. Last cycle Bald Hill and Altura when under and unfortunately I think we need to see the same again before we get to a sustained recovery.