A lot of people in this forum has major complaints against MC,...

A lot of people in this forum has major complaints against MC, but I have a slightly different opinion.
In my view the current plight is caused mainly by
1. The down turn in the lithium market
- I think most people in the industry were overly optimistic 1-2 years ago
2. The nature of asset under Bald Hill
- It is a high cost mine that was rushed into production during the lithium boom period
- Resource about 20Mt, but with high strip ratios
- And this is why Alita is currently priced even below some explorers
- Drilling was supposed to improve the situation, but likely will be put on hold

Only thing that I have a problem with the management on the hind sight, is their choice of partners
- Burwill is just a trading company, Jiangte is a 3rd tier converter in China
- I can only assume that likely Jiangte and Burwill offered the best terms in 2017 when signing the offtake agreements
> in fact the original offtake agreement was one the best in the industry at that time, interest free prepayments, fixed price of USD $880/ton , taking all products in 2018 and 2019, what a dream
-However not partnering with the tier 1 one players proves to be costly during the market down turn, when the partners have problems to honor the contracts
- There was a period at the end of 2018 that Jiangte was not taking any shipments, and now again in June and July 2019. Both time created significant stress to Alita. The first non-shipment period directly resulted Alita to draw down debts, and second period created the current mess.
-If the offtake agreement was signed with partners with deeper pockets like Ganfeng, and regular shipments can be achieved monthly, situation may be much better. (This is only speculation)