I'm aware. The slippery slope of "economic reconciliation" is...

I'm aware. The slippery slope of "economic reconciliation" is much more than just "royalties" since it is their claimed "birthright".

That's "half" the equation though. I want to know just how the integrated "super project" of NAL/Authier/Tansim is related to overall secondary processing and Clause 24. This gets brought up often ... its the vision of the super project supplying SC to a secondary processing plant. I think it could be interpreted that if the project becomes "only NAL". then perhaps secondary processing isn't necessaryas it may not meet the required economics. I don't know that but I'm not prepared to exclude it. These chemical plants are 30 yr operations ... that was the original problem with LoM of NAL (and hence more drilling to get more ore Reserves (not Resource)) - extend LoM to support secondary processing.

IMO it is way more complicated than what its made out to be here. You don't invest US$500M+ on a "commitment" without getting the right risk adjusted rate of return ... why did ALB walk from LTR (rhetorical).