The ASX company announcement 2 May 2017 ASX Announcement provides key terms of agreements which includes payment:
Pricing is on a CIF basis (cost plus insurance and freight) and is reset every 6 months by a pricing formula based on the price of lithium carbonate. The price of lithium carbonate is defined by historical data for import and export pricing in China as determined by major cathode makers and for battery grade lithium carbonate.
I am no expert but I gather from research that CIF means payment is when the buyer receives the goods. Happy to be corrected
Which ship is PLS's 1st ?, page-110
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