Pilbara sends mining contractors home, page-277

That's exactly the long term thinking that is lacking in our own businesses - possibly driven by management's remuneration rewards being KPIs that are short-term. Hell, we are a country screaming out to have massive long term low interest infrastructure loans put in place to develop the assets needed to improve our economy and the quality of life of people outside the capital cities, but instead are worried out the next election cycle.

I think CATL's spend is a toe in the water for them - enough to buy a seat at the table (literally) without triggering FIRB or Xenophobic repercussions, but as you say, secures long term supply. The difference is, they have plans and a network to on-sell the chemicals. FMG, RT and BHP (currently) do not. Somewhere in a basement* at BHP, I'm sure there's a little man with a slide rule and a croupier's visor, running the numbers of the potential profitability of spodumene and lithium chemicals exports between 2020 and 2030, generating production cost and profit curves, and updating the commercial people quarterly on the viability of getting into the market.

*actually probably about the 20th floor of Bull$hit Castle in Perth