Ann: Investor Day Presentation - Lynas 2025, page-46

That I don't know but when this idea was first discussed through the AFR and around the investor call to do with the WES offer. $500m was bandied around as an expected cost. I'd presume the lions share will go to this facility.

To be sure the Malay stance is a lose/lose. Lynas have suffered uncertainty and the replication of C&L must be duplicating sunk CapEx to some degree. Malaysia have trashed their reputation and exposed huge sovereign risk as well as losing the opportunity for Lynas to invest more heavily, and they are shipping jobs offshore. I'd say Malaysia is the far bigger loser and everyone would be better off of Lynas could just invest directly into the current LAMP.

But maybe C&L at LAMP can be converted to SX and increase production or spec. And maybe C&L locally can be built to be more efficient and with a better understanding of future demand. What I do know is that AL just keeps on delivering, despite the roadblocks that keep coming her way.