With ~30kt of concentrate imported 2018 reasonable assumption China is now a net importer NdPr, they also boast $360M value add on that material.
UBS make a strong case $60kg "barrier to entry", totally supported by ARU DFS showing basically breakeven at those levels, on $1Bn CapEx + 5 years investment.
Lynas just demonstrated a higher margin on 5 months production, with falling prices ~$40kg, the analysts are all scratching their heads re COGS, trying to figure the beat.
Called this some time back, scale + recoveries, current HY & next should demonstrate what LAMP optimised is capable of, any price appreciation, incl value add, will simple drop straight to bottom line.
Hardly difficult to sort an investment case for which greenfield.
Interesting read, page-15
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