True. And even if a miner joins the Tesla deal and only demands $1,000 profit over the cost that is still a full 50% margin or close to it. But everyone is greedy and wants more of the pie so that scenario is unlikely.

If I was tesla/Panasonic, I would explore using Cliff's as a contract miner. First the buyout gives them cash anhd then fully fund the capex but just give them a fixed dollar profit per tonne or fixed price per tonne. They need the cash flow and with no capex or mine ownership they would have no additional encumbrances.