NdPR price, page-1612

I've been asked why I used EBITA (earnings before income tax & amortisation) in this analysis.
Easy answer; it's the best measure of positive cash flow for an operating business.
Why? Income tax depends on the govt policy environment as well as tax free periods etc. Similarly amortisation (essentially like depreciation). For example we know that Lynas are rapidly depreciating their LAMP C&L assets to get them off the balance sheet. Similarly interest on loans or cash assets don't reflect on the business' operational health.
As I said, I believe breakeven is less than half current Nd pricing.
This leaves Lynas with a very healthy margin on strongly expanding production.