Seems Clear to Me, page-16

I have no Idea Spec ..... and that goes to the point I was debating ... re the market leader Cabot's, with profits dwindling woefully.
No one else seems to even contemplate that it is a possibility let alone a probability that it is being produced and sold ex by-product

We have DC and every other man and his dog claiming that there is only two dedicated CS mining operations serving CsFB market and PIO are poised to take them on .... so the blame for Cabot losing their market can not be laid on another CS miner ... ( apparently there aint one ), they have stockpiles of the shite so supply is just sitting there and apart from that .. there is a shed load! (literally) of CsFB up for sale out of China year in year out no problem ... and that just one supplier ... so again ....

" [ Either ..........
Someone is using their LCT deposits affectively and servicing that market via their by-product which aint good for PIO's CS dream
.......... or ...........
The CsFB super duper market is a myth and their is no 'ex Cabot' CsFB customers champing at the bit for supply ............ again .... aint good ] "

I just don't buy how the market leaders just sits back and watches their profit basically half over a few years and yet are happy to sit on stock piles of the shite whilst Oilers are screaming for it ..... the story doesn't wash with me