Thanks Andy. I think it’s important for anyone reading these...

Thanks Andy.

I think it’s important for anyone reading these reports to know that the consultants that have published them have been compensated by NTU. So in my view these report are nothing but biased propaganda.

The Adamas report has omitted a great deal of important information that has been discussed here numerous times such as China SRB stockpiling, Chinese HRE producer operating capacity and the elephant in the room, value of NTU 52% concentrate.

One thing that’s stood out from me in the Adamas report is the amount of DyO used in REPM traction motors. The report claims just 61g I see needed per traction motor, which is miniscual. I note that all of NTU’s glossies to date claim 100g of DyO is used per traction motion. The Adamas report has slashed NTU demand by 40%in what it claims will be the largest segment for DyO demand moving forward. Certainly not a positive for NTU.