going downstream because of software margins where a thing 2...

going downstream because of software margins where a thing 2 years ago and if sya had got the timing wrong on there carbonate plant and listened to HC the company would be in a far worse position today

Pertinent observation levs and one I have given thought to on many occasions. The main reason for a desire to go downstream and quickly was because of the OTA, which was understandable and exacerbated by high concentrate prices and the expectation we would be at nameplate around Sept last year.
However two things meant that would never happen regardless of what we wanted IMO.

1: There is no way a responsible BOD or potential financier or OT partner for the carbonate plan was going to commit to a FID without knowing whether the plant could reach nameplate at a viable cost per tonne and also be able to supply the refinery. More so given the plants history. At the time Keith was seen as the enemy but it was never going to happen before the above was achieved regardless and that still applies now IMO.

2: Spod prices were in freefall and the ramp up was requiring more capex and more time and as above no responsble BOD was going to commit to anything other than maintaining a strong balance sheet hence the $200m CR.

So where to now, well even JB considers a carbonate plant at NAL is a no brainer and for obvious reasons but reason #1 still remains and while reason #2 has improved its still an issue.
IMO any potential FID regarding a Carbonte plant is the first half of CY25 at the earliest and thats contingent on the issues above. That doesn't mean talks and progress can't be continued.

Hindsight establishes what wasn't so obvious at the time to many.

We also have Moblan in the background to complicate things.

Cheers Whisky