IMHO 100% committed offtakes beats 20% committed offtakes hands...

IMHO 100% committed offtakes beats 20% committed offtakes hands down... unless you expect the prices in the future to be better than LME prices... in which case you don't need to be the first to produce... you can be 2nd or 3rd and still reap those better prices going forward (it is complete contrast to your first post which points out first mover advantage).

I don't think it is a strategy to maintain a sizable % of production uncommitted... it is that he has not yet found enough buyers that is willing to commit at an agreed price.

No doubt there will be lots of buyers... it is just price that needs to be at a level where both parties can make some cream.... which is why the BFS is going to be critical for punters to know what that price (assumption) is.