Speaking to Tim at the AGM a month ago, the Brazilian Government spent $120 mil on a Factory and Equipment to produce Permanent Magnets by 2026, unfortunately for them the Chinese don't want to sell them the Oxide to produce the Magnets , the Brazilians have enough spent magnets in Brazil for Recycling to supply their plant and that's why they need us and why possibly our Brazilian plant will be up and running before Belfast. The Brazilians are desperate for Oxide they have money and they are in a hurry. We are not dependent on the UK GOVERNMENT to get Belfast going anyway we could get private funding but it make sense to wait for the free 20 mil pounds corner stone investments the UK promised us.
Yes they are in talks with the USA and they didn't not deny that it is with the Department of Defence. TIM did state some of the discussions where advanced but the other party did not want to be made public at this time to his frustration.
If the RE price did rise enough for Makuutu to be profitable the price could always decline again and then Makuutu is just a drain on the profitable Recycling part of the business, rember Makuutu was never doing the profitable Refining because of infrastructure restraints. Makuutu needs to send the MREC to China for Refining. TIM did state that they are looking into offloading Makuutu and didn't deny when I asked him if China was looking at a possible take over. Our Refining will be more profitable with VMM anyway.
IXR Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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