Do yourself a favour and read the DFS. Pay particular attention to the REO prices used to calculate project economics, they are multiples of current REO prices especially Dy. Not only that but they have used seperate REO prices to value a 52% mixed concentrate which is just absurd.
While they may be able to find some efficiencies during pilot plant stage it ain’t going to be anywhere near enough to make their ultra low grade resource viable. NTU was born from bubble REO prices, something that hopefully will never occur again because that will just accelerate RE substitution and destruction.
China with massive overcapacity and over production issues (getting better though) and Lynas have got enough resources between them to satisfy world RE demand for the foreseeable future IMO, theres no room in the market for another RE company, especially not one with an ultra low grade resource reliant on bubble REO prices to be economically viable.
Is it time for Care and Maintenance?, page-125
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