MIN v's Airguide, page-63

Nicely crafted words like a consultant.

But a lot of what you say obfuscates what’s there plain to see.

Because, looking at the close drill spacing over the Wodgina tenement for assaying spodumene, it’s clear, yes, along with all the technical data, there is a lot of intimacy, extreme due diligence with the deposits, and to me it’s clear that a JORC measured level of confidence was difficult to attain due to the mineralogical characteristics not containing decent pegmatites of spodumene. And all the assets of both parties are yet unproven to yield a product of economic scale. Albemarle had to recalculate it’s expenditure on the hydroxide plant. What else will balloon out?

“Intimate understanding” might be nice but it won’t change the economics much if you want efficient economics of scale. It really is a challenge with such a mediocre resource to balance that with professional gumption.

“Structurally controlled” — I suppose all structures look controlled with a, statistical, analytic gaze, but it still has to go through the process of conversion...And Tianqi have that hands on experience not Albemarle. So surprising Tianqi didn’t go for it. Anyone know why? I know, it’s not a good resource even with all the services MIN can avail.

The geology of the resource is what it is, mediocre at best, infrastructure all great, but it doesn’t make the spodumene any ‘cleaner’. We saw with PIlbara with great ‘stats’ for impurities constantly worked down but 1.8% it is, after all. I see a similar history unravelling with Wodgina. All these hard rock deposits bar Greenbushes is struggling. Perhaps industry demand, when and if, will inflect to upside and make it all worthwhile, but when it doesn’t. ...