Or … sell to existing offtakes for the original term of those...

Or … sell to existing offtakes for the original term of those offtakes (while Indian conversion, battery and vehicle plants develop) and then not renew the existing LTR offtakes and instead sell to India …

This game is not a game of days or weeks or a couple of years, it’s a much longer timeframe in the lithium thematic. There has been significant expansion in global demand in the last 5 years and in terms of cars that has got us to a point where some countries are now crossing the 5% market penetration (new car sales).

But that increase in demand is absolutely nothing compared to what is coming. Was it “17 more mines the size of Pilgangora needed within the decade to satisfy the coming demand” which was said by Ken B when he was with PLS? Something like that … coming demand is huge and the Indian connection need not be something which comes to fruition in the short term of the initial LTR offtakes. I suspect it will become a competition for supply that includes Indian converters by the time offtake found 2 happens for LTR.