SUPPLY CHAIN, page-33

Complex both in breadth and in length, from the geology, which very much incl economics, the processing, enviro controls/politics, materials handling, chemistry, again economics, mktg, firstly FINDING mkts, there is NO LME REO, designing product for those mkts, but the biggest complexity facing Lynas is it has outgrown its main ROW, 90% revenues, segment NdFeB manufacture, and that throws up another bunch of complexities incl Chinese trade manipulation, and the fact no one in Govt understands much at all about REO up or downstream!

Absolutely no Q, the emerging producer is light years in front, only one with a cohesive business plan & the personnel to execute it (incl Lynas Tech Mgr for 8yrs to 2016 when all four SX circuits were +90% steady state), first company since Lynas 2009 to contract ROW customers, raise significant equity, balance funding 3 sovereigns taking common security likely signed off it weeks, there are NO other starters progressed anywhere in that funding pipeline, despite a number of love letters floating about.

That's WA, also potentially significant monazite play likely to IPO ~EOY, significant again due a cohesive business plan, resource, low CapEx process & enviro plan, and critically basically a bottomless customer, incidentally their product would likely feed straight into LAMP alongside Kal feed, with a useful xenotime component with decent Tb & Dy credits.