I think the problem with Mt Marian is the resource is getting a...

I think the problem with Mt Marian is the resource is getting a bit exhausted an the strip ratio is increasing until they get to better denser grades. I attach the below table from the latest quarterly:

I think an issue a lot don't pick up on here is Ganfeng actually buys most of the Mt Marian product and personally I don't think they care if the mine is making a profit or a loss, given they use the spodumene for their own processes in China to produce carbonate and hydroxide. Keeping the mine open, like when China floods their own production with lepidolite inputs - is all about trying to strategically keep the spodumene price as low as possible IMO. In effect part of the overall strategy of seeking to keep the market spodumene sales in surplus, but ultimately these type of strategies do fail but it is a matter for others, like LTR, to navigate these short term blips in prices until demand further ramps up etc to nullify these types of strategies China uses. I note with the LLL acquisition, Ganfeng is broadening its supply lines anyway.

All IMO