I did similar research at the time, when our Chinese friends took over half of C-O site, there is supposed to be a formula, which will determine, the "market price". I went the extra mile to contact the IR department in this matter and got a vague answer that the formula is a "proprietary information".

So we can be sure of one thing: the "contractual market price" will not be the "actual market price" but rather some "weighted average" with a condition, that if the "calculated market price" is higher than "actual market price", then actual market value applies.

My speculation is that LAC will sell 20-30% below market price, but I don’t have any data to support such claim. I was hoping to see that from the revenue, but since Ganfeng owns 51% of the project, I very much doubt, the C-O P&L will be available.