Ann: Bankable Feasibility Study Update, page-22

My read of this announcement is the "Independent Assessment" of the feasibility of refinery in TNZ is just a suggestion from PEK. There is no guarantee it will occur, but if by some small chance it does, the Chinese may tell the Govt of TNZ they can build and operate a refinery in TNZ to receive all Ngualla concentrates.
On 11 July (7 weeks ago) PEK announced that we could expect the BFS update in August. That deadline has now slipped by another 6 to 8 weeks without comment from management except to float the distraction of an Independent Assessment. I am still holding because I am impressed by the quality of the Ngualla resource, but definitely not impressed by the quality of PEK management in what appears now to be a futile attempt to persuade the Government to let them refine the rare earth product in UK.