Debating you about the classification of commodity... I think a fair analogy is graphite. It too has a range of customer specifications but it doesn't drive each and every miner into becoming a specialist supplier.
Sumitomo is all things to all people... not even A4N is trying to be that (since it also appears to be only targeting 10k t/year production).
As far as end case uses for an IPT product, the LED market looks like the lowest barrier to entry to me. You are sceptical about forward supply constraints of HPA and perhaps that influences your assessment? The LED demand for HPA is forecast to double by 2030 and it is a mature technology unlikely to alter in any significant way.
MJ includes battery thermal/electrical insulation as one end case use. Personally I doubt that will happen for the sorts of reasons you offer (the qualification process is arduous) and also I am wary of technology change, especially the battery market.
Lake Hope is high grade, easy to mine and has scale. That is a free kick that you do not find every day. Finding an offtake partner in what is classified as a critical mineral does not seem that strange to me.
Happy to hear your thoughts going forward... that is what HC is for.
IPT Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
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