"..
GM has locked in the supply, what’s in it for them to spend more? No else can access the offtake..."
Its the Offtake partners that asked QPM to "go big or go home" on the plant expansion feasibilty calculations (phase 1 & 2) !!!
QPM in good faith have done that - I would argue, BECAUSE the 3 offtake partners have security now, with 100% of the offtake - The parties are "ALL IN" to make this work.
The 3 offtake parties should be throwing debt/equity money at this now to get the show on the road.
If the 3 offtake partners have a "screw the supplier" mentaility - then Yes, you may be right and its a massively poor choice of offtake
partners.
I think it would be pretty shortsighted of them..............No QPM - they will have 100% of NOTHING.
IMHO
(20min delay)