Ann: Investor Presentation November 2021, page-52

Not sure where those prices come from but they are "retail" ex China and include the Chinese 13% VAT that they use to manipulate the cost base for ROW NdFeB manufacturers.

Look at the last Lynas QR for China domestic prices without VAT and you'll find Dec: NdPr US$117.5kg, Dy US$403kg & Tb US$1530kg, that sort of price level would set the basis for a pricing formula, which would include a deduction equivalent to the cost of separation.

For a complete list of domestic prices: https://www.metal.com/price/Rare Earth/Rare-Earth-Oxides

Open each element and you can convert to USD but you also need to deduct 13% VAT to get a domestic base price as no mag maker can hope to compete with China paying a 13% premium let alone the ridiculous "retail" prices quoted ROW.

Nothing in RE world is simple, so, so many basic metrics can be manipulated by dreamboats to create their fantasies. Sorry if I've created a lot of work there but pretty sure we'll see an updated economic model from HAS shortly, hopefully with some more colour around their pricing model.