You can call it whatever you wish, fact remains it is being sold...

You can call it whatever you wish, fact remains it is being sold in a 52% TREO concentrate that requires shipping ex Darwin, China concentrate tax 27%, before the cost of processing & finishing.

China is processing Dy at just 30% of capacity ATM so there is certainly no shortage of concentrate, 92% TREO priced <$18kg. Very much doubt the customer is a charitable institution. BTW, NTU have taken advantage of an anomaly in the customer's mining quota vs separation quota, should that be remedied in the yet to be announced H1 2018 quotas the offtake deal could be superfluous, Xiamen Tungsten recently did such a deal with Nth RE.

Regardless, there will be an operating cost expressed in $kg (A), and however you mince it, a sales value $kg (B) 52% TREO concentrate.

Strip out the Australian tax payer subsidy what is $B - $A???