rare earth re-cycling starting to get momentum, page-16

Your question is professional, worth into more discussion,
but because Lynas hasn't give any information so believe most people here can't solve this question that should be as the most advantage or core for good margin to Lynas. now these informations may still be Lynas's business secret.

China hasn't accounted for all areas of high advanced production technology and pure RE products, some products's IP have still in the hands of United States, Japan, France. So every year China need to import these products which price certainty be much higher than export prices of oxides and carbonates.

agree with your view: in the background of low RE price,
"Without these additional values LYC will likely run at zero or less profit at 11mt."---If only production of low-end products.