US $6.7 bill for Arcadium but as I said in my previous post they are already a producer of 75,000 tpa with plans to more than double that by 2028. So I was saying, on a very crude comparison, Phoenix might be valued at half that, at these lithium prices but once in production. As I also said, you can't compare a developer to a producer and if lithium prices recover strongly when Phoenix is producing, due to lithium moving back into deficit, then you might see all valuations rise strongly. I gave an example that they might double. So as a producer, Phoenix might be valued at around US$6bill with a modest recovery in lithium prices. I think from memory, the NPV was significantly higher than that though so if or when lithium prices recover to at leat the price used in the study, Phoenix as a producer might be worth US$8bill or more. You would assume an amount of dilution to get there but you would also expect bìg returns. There should be plenty of help from the US grants, loans etc to help keep dilution as low as possible.
