Ann: Nolans Pilot Program Update, page-17

Good luck to you with your investment. You're a Johnny-come-lately and you've done well but the vast majority have lost a lot. Fortunately i do understand the Arafura situation-and their job is that much harder due to companies like Lynas who frankly burnt all the rare earth reputation capital we had with investors in Australia. Dispite the difficulty Arafura will have raising capital for this project its not impossible. They're doing quite a bit to value ad - phosphoric acid etc
and they're looking at a ndpr oxide cost of $24/kg. This project is definitely possible especially with a 30 to possibly 50 year mine life.