Ann: Nolans Project Definitive Feasibility Study, page-5

Its an interesting thought that LYC will have a crack at ARU but really what will they gain by buying ARU? Mt Weld is a massive deposit so they’ve got that covered. They’ve got their own processing plant with a lot of issues atm and their profitability is shot as well so I’m not sure ARU is a project they need?

On a broader thought (just thinking out loud) - wouldn’t it be great if suppliers outside China actually acted to assist Arafura in developing this mine as insurance for the future. China has literally 200+ PhD researchers involved with the rare earth industry - they are way ahead of us. Wouldn’t it be great if we could have our own industry controlled by us Australians. I can’t believe Arafura hasn’t attracted more interest and are we going to continue to allow China to control the market and potentially stop supply in the future if it suits them?

Companies and countries alike seem to have very short term memories of 2010. It could happen tomorrow if China wants to teach Trump a lesson. Hopefully this DFS sets the wheels in motion.