It's important to compare apples with apples.
In last quarterly, Sigma Lithium declared an AISC of 622 USD/t, for a production of 68,308 tonnes of SC5.0. That is a total AISC of 42,487,576 USD
Translating to SC6.0, Sigma produced 56,923 tonnes of SC6.0, which gives an AISC per tonne of 746 USD (42,487,576 USD / 56,923 tonnes SC6)
Sigma costs are given on CIF basis whereas LTR gives them on FOB basis. So in order to compare them we should include the CIF costs to LTR. IIRC, the staff said that freight costs were about 30 USD/tonne. That gives an AISC (FOB + freight) for LTR of 708 USD/tonne. According to IA, insurance for spodumene shipments are about 0.3 - 0.5 % of the value of the cargo. For the last realised price of 815 USD/tonne (SC6), that would be 4 USD/tonne. In total, that's AISC (CIF) of 712 USD/tonne for LTR, less than Sigma (746 USD).
Unless my maths are wrong or I missed to include other costs for LTR.
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