Not so sure the offtake agreement is anything other then a distraction used to reason the low price that MIN is paying for BH and shareholders will still be screwed but will be handed 1-2c to buy some lube with it. DOCA is gone and under the new deal MIN gets to own BH , Austroid gets to keep the money made from shipping the spod on the cheap, shareholders if lucky may end up with a couple of cents once they pay the taxes for the spod stolen by Austroid, pay Austroid for hundreds of millions of improvements they've supposedly made to the mine, pay their creditors and 4 years of administration since the company entered into VA, lawyers,etc,etc. And after all that the spod still end up at the same Jiangxi Gangfeng processing plants in China that Burwill was sending them before the collapse of Alita because MIN is already in bed with Jiangxi Gangfeng at Mt Marion so it makes sense also ship the spod from BH to them as well. The reason that Austroid rolled over so easily for MIN could be that Gangfeng was behind Austroid and financing Mike FQ all along. https://www.mineralresources.com.au/our-business/lithium/
I expect the offtake agreement will be amended to avoid any further scrutiny by ATO but the spod will still end up in the same place.
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held