Hi SuperNinja
Firstly I appreciate you taking the time to do the research and sharing it.
A couple comments and queries on your analysis.
Re Tianqi & Greenbushes
1. All the Probable Mineral Reserves are contained within the Indicated Mineral Resources (
source). I believe this means adding mineral reserves to mineral resources would have you counting some ore twice.
2. In your figures the decimal point looks like it's one off. Not sure where you sourced them but the
most recent data I can find has the total measured and indicated mineral resources at 118.4Mt @ 2.4%, I am guessing you were looking at the March 2011 figures where the resources were 72Mt rather than 7.2Mt. This won't skew things in your comparison if the decimal is applied consistently in the other valuations.
3. Are you comparing the ore without taking into account the concentration? If so probably worth going one more step to the amount of Li20 or LCE otherwise you could effectively be counting 1Mt of ore with 3% as being the same as 1Mt of ore with 1%.
4. Do you think Talison Lithium's other hardrock spodumene assets are worth including in the EV / Resource comparison? I wouldn't bother with their brine since then it gets a bit apples and oranges (although you do include ORE which is a brine asset).
View attachment 179732
5. Using your figure for EV and using my ore figure, without taking into account grade, I get EV (9.4b) / Resource (83.04Mt) = $113.19 per T (or 1131.9 with the decimal as you have applied it in your calcs)
I would suggest the EV / LCE figure more relevant - 9.4b / 415.58kt = 2261.90 per T of LCE
Note for other readers not familiar with Tianqi Lithium it has a couple operational lithium processing factories as well and 20% of a Tibetan brine asset.
Re ORE
Curious as to what resource are you using to calculate OREs EV / Resource figure? In the Tianqi figure you use EV / Mt, ORE is brine based though so how do you get a comparable figure without going to LCE or Li20?
Re GMM/GXY
On a side note - Cost of production for GMM/GXY is a bit low, I wish it was that cheap (yes have seen it in the old GXY figures but don't believe is inclusive of all costs like the figures for PLS NMT and AJM)
If I have gotten any of the above wrong happy for comments and corrections, a few heads are better than one.
Oh and of course considering this is a PLS thread it is worth including for PLS that I get an EV (820.72m @ 81c - 60m cash = 760.72m) / LCE (80.2Mt * 1.26% * 2.473 LCE conversion) of $340.40 per T of LCE, without factoring in the exploration target.
(20min delay)