** Analysts at Jefferies say Greenbushes, the world's largest lithium mine, is a tier 1 asset but is constrained by ownership structure
** The Greenbushes lithium mine is operated by Australia's IGO and China's Tianqi Lithium
** Brokerage fails to see value-accretive path forward for IGO and the Greenbushes mine
** Says Tianqi's option to take 200 kilo-tons of spodumene concentrate from the mine post the quarter end shows it continues to extract value from the JV structure at the expense of its junior partner
** The JV structure continues to be utilised by Tianqi to transfer maximum profit to it at the expense of IGO, in our view - Jefferies
** Adds IGO's operational skills might convince Tianqi to restructure JV but economic advantage for the chinese firm under current structure is "too great"
** Brokerage reiterates "hold" on IGO and maintains PT at A$7.50
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))
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