Ann: Quarterly Activities Report, page-27

Agree AL very upbeat 2020, extension of what I noted LAMP, KL & AGM thru November.

Very clearly she's laid it out in black & white for the adults in Malaysia: "use it or lose it":

“We are reluctant participants in the idea of shutting down any part of our Malaysian operations," she said. "Our enthusiasm for investment in Malaysia remains pretty high because it’s a great place other than some of the political issues that we’ve had.”

Ms Lacaze also acknowledged the production expansion that will be needed over the next decade and "where we put that given there is a great deal of enthusiasm from non-Malaysian governments in rare earths and critical minerals".

Additionally, extended comments re the very strong level of support Lynas is receiving from numerous other Govt's around the world.

Mahathir clearly looking to walk back Yeo's ridiculous, highly politicised, "future fear" pronouncements but how far he can go in one event remains to be seen, very much doubt it will involve condisoil but he does need to present Lynas a viable business format.

Possibly we may see a concession such as allowing a PDF to be constructed at LAMP for the existing WLP, which is already sitting on a base built to intn'l standards, with the new offsite PDF constructed to take new residues, incl those from expanded production. Mara Corp has already been engaged to help commercialise the ~1.5MT NUF stored onsite.

The way I'm reading it something like this needs to be locked down to sort the underlying political issue of WLP, without placing undue financial pressures on the business, before an uplift in production can be approved. Given it is an annual limit there is ample time to work thru these issues before any cap is likely to affect the business again so I'd paraphrase point 1: "Licence renewal with concessions", all else will flow from there IF Malaysia is smart enough to want to leverage the only REO production outside the Dragon.