race to the finish line, page-14

Stoops,

The numbers LTL used are distribution in concentrate. I'm not disputing that, just the mathematical understanding that's displayed at times.

Ausheds, as far as treating the stuff goes it's not the best grade material. Whilst it may be all nice to say it can be easily upgraded by HMS you still have to build a HMS plant big enough in the first place.

Going on slide 1 of their most recent presentation we see about 800 million tonnes of ore ( neither in the "best" JORC category). In this there is about 400000T of REO bearing minerals. Slide 3 gives us the rough distribution of REO in each mineral, using this I have a total of about 33% REO in Xenotime and about 60% REO in Monazite for a total of about 220000T of REO in the whole deposit, you can work out the heavy/light distributions from that using Snoops' numbers. This calculates to a Head Grade of about 0.25% REO. LYC Mt Weld's total REO in both deposits is 2,000,000T, at a head grade of about 7% REO. NTU - well no-one knows, but speculation is anywhere from 0.5% to 3%REO, for an unknown amount of ore as yet.

In order for CUX to produce the same amount of REO as LYC, ignoring heavy or light - just 11000TPA, CUX must treat at least 40 million TPA through the HMS plant. And all of that assumes 100% recovery - which never happens.

That is a very, very serious size HMS plant, about three times the size of Argyle diamond mine for instance. And would need a very, very large amount of water. They clearly will not be producing at anywhere near that rate.

As far as refining it goes once you produce a concentrate -it just becomes a matter of design for REO distribution or whoever buys it will blend it accordingly. My tip is they won't be buying/refining much more than 2000TPA cos I can't see them producing any more than that given the tonnages involved.