New all time high, page-215

Dang I hate it when a crusty buzzard proves to be right on a big negative call. But kudos for calling it right, I had my blinders on thinking the regulators in Kalifornia and Europe had our back. But if the elections go the wrong way in the United States next year it could set BEV back many years there.

I believe IGO/Tianqi/ALB are smart to cut back on spodumene sales and tolling. Why sell into the spot market at low prices when it negatively impacts the indexes that the true volumes are sold at? Not to mention why pay income tax and royalties on last quarter's prices when they are third lower now. They are collectively sitting on the lowest cost hard rock lithium asset in the world, but having the JV pay income taxes on arm's length spodumene pricing before the proceeds hit the top line as revenue may not be the best way to financially manage it (at least not in a falling price environment). Wonder if that has anything to do with Albemarle's CFO stepping down...