Ann: WES: Proposal to acquire Lynas Corporation, page-68

Yes this is a steel of the century when we calculate Lynas's resources. Lynas has highly valuable resources; NdPr, P2O5, Nb2O5, Ta2O5, lanthanide + yttrium oxides.

LYC was an emotional investment for me 10 years ago. (You can even see my posts about it in 2009 (One of them is here). I am not holding Lynas atm (holding PM8), but the offer price $2.25 is too low. It's opportunistic IMO. WES can hold the fertiliser part of business and sell the REE part/rights to someone else. While the permanent magnet is becoming a mainstream for EV motors in these days, it's easy to sell the REE business.

You can see Fidelity fund is being a major shareholder in REE stocks just recently. FIL has been a major shareholder in LYC in Sept. 12 2018, and in PM8 in March 19 2019)

Also I don't think Fidelity would like to sell the shares at $2.25 as their cost should be more than that according to the substantial holder notice anns on Sept. 12 2018.