Lynas' market cap is $8.5bn, and they're producing just over 5000t of NdPr per annum (of ~17000t TREO), with operating costs of $313m per annum.
HAS expects to produce 3700t of NdPr per annum (of ~9100t TREO), and operating costs of $185m per annum. And according to the Ord Minnett 2020 report, our basket price was expected to be almost double the price of Lynas'.
Based on the above, and the assumption that our basket price has grown proportionally to Lynas' over the last few months, I would expect our revenues to be 75-100% of Lynas revenues.
So ignoring the value of Lynas' future developments/growth (as I have not researched them), based on some crude maths we should be worth ~$6bn in operation?
Maybe $2-4bn is more likely...?
HAS Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
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