FWIW I’m amongst those thinking South America will be a bigger...

FWIW I’m amongst those thinking South America will be a bigger competitive threat than Africa.

SQM and Codelco partnering was pretty big news to me given SQM started out as a government company and then proceeded to engage in - as I recall - a fairly corrupt privatisation process that had relatives of the dictator winning big …. A more accurate summary is likely at this Wikipedia link https://en.wikipedia.org/wiki/Sociedad_Química_y_Minera
And Codelco a government company too? (the cycle starts again?)
Anyway I know Chile/SQM was historically making it really difficult for Albemarle at Atacama - which is one of the reasons Albemarle shifted focus to Australia (where tellingly it has just curtailed production at its WA processing plant https://thenightly.com.au/business/...-jobs-and-up-to-17b-of-asset-value-c-15553067)
And Tianqi - once vying with SQM and Albemarle for a global top dog position has been twice punished by SQM - initially by buying into that company via a massive loan that led to selling half its Greenbushes and Kwinana interests to IGO and now by the Codelco alliance.

The next few years will be very interesting and, as I wrote before, I think PLS ramping up is a sign it’s taking the long view to remain competitive and keep customers. (And with The West saying recently than 8,000 mine workers have lost their jobs in WA this year its good to see PLS still hiring!)

As far as the price here goes …. Sooner or later there will be a scramble to get back on board, and with so many big passengers happy that the trend has turned, I expect there will be ‘fits and starts’ allowing time for those on the outside to enter at reasonable prices.
……And I’m hoping to hear price-positive news of more growth via that new $1b debt facility (beyond the further JV downstream processing with Ganfeng).

The credit facility will refinance existing debt as the company expands its flagship Pilgangoora mine near Port Hedland and finalises its near-$560 million takeover offer for Latin Resources, which contains the Salinas project in Brazil.​

It also leaves powder dry to make further “growth” bets, the miner revealed. https://www.afr. com/companies/mining/pilbara-minerals-loads-up-on-debt-despite-bleak-lithium-outlook-20240826-p5k598​

Cheers and GLT A