It's very curious IMO that Lynas made this "rounding error" ann this evening. So it's probably worth having a close look at the detail. Lynas was to pay US$11.5m interest today (31st) but it's been delayed 7 months without penalty or more interest. Frankly minor stuff and I'm still a bit confused, given their huge liquidity, why Lynas didn't simply pay up. But it appears this is part of a much bigger game; maybe negotiations were'nt quite complete before the Lynas default deadline so they needed an extension. So what's likely to be the substance of the new letter of agreement of which this detail is a part? Well they state the letter "reflects our joint commitment to the growth of our business and to the development of the Japanese rare earth supply chain". As mentioned briefly on another thread my take on this is as follows. The US DoD have stuffed Lynas around long enough when it comes to the 2 Texas Blueline ventures. Minor funding handouts and endless beaurocratic hurdels and delays have snapped the patience of both Lynas and the Japanese. After all, the Jap magnet makers still need HRE from China, even if the source material was Mt Weld. And expanded LRE processing can happen anywhere. I expect they'll do it in Japan (or elsewhere) and the US can play catchup sometime down the line having blown the opportunity.
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