Largo Inc T.LGO

Glencore's portion of Largo's sales

[st_esteban]

How much was Glencore retaining for every pound of Vanadium being sold?

We know that at least 50% of the premium for high purity sales was kept by Glencore.  But what does it mean the following statements from the Q3 CC:

"Revenues per pound sold increased by 34% to $5.37 in Q3, 2020 which compares to $4.02 per pound sold in Q3...We are very pleased to highlight the increase in revenues per pound sold which demonstrates both the strategic and economic benefits associated with Largo's transition to independent commercial sales
...
For Q3 2020 the average price that pound of V2O5 in Europe was $5.33 compared to $7.16 in the Q3 of 2019."

In Q3 2020 we made 5.37 per pound sold when the average market price was 5.33 (in Europe). Therefore, Largo sold arond this price.  But in Q3 2019, even when the average market price per pound was 7.16 we only made 4.02 which is a huge discount.  Did Glencore retain the difference, more than 3 dollars per pound?

[kha341]

Lee Cooperman Okay. Second – this is a difficult question, but most cyclical businesses have peak earnings, trough earnings and average earnings over a cycle. Do you fellows have a view of your normalized earnings as an enterprise? And the reason I asked that, I go back, I think the current market cap is US$489 million, minus the US$53 million of net cash. We have an enterprise value of US$436