Both are true and I do get it. In fact the reason I expected the drop to16 as I said several months ago is that I thought they would make 1400 ~1500T of NDPR which they did have room for under the cap. Last year with the shut down in Dec. 18354 tons of product this year 17613 T Now the concentrate could have been poorer. Or yield poorer. They made less than last year. I am a little confused buy What AL said in CC at one point she said they had already run at a run rate of 6KT / Q for at least 14 days but they plan a little less.
The other item I worry about is REO price. I have been tracking the relation between Lynas increasing production and REO prices dropping for over two years. La and CE dropped about 4 moths after the NEXT improvements for those products came on line. Same was true for NdPr as it came on line about 5 months later. AL told us they started ramping in DEC. It will be interesting to watch Reo prices late this Q early Q4.
Also went to say that AL clearly said wait for SAR you will see that cash does not reflect the true P &L and by associations COP. She said this with an upbeat tone. So I expect it will be lower. ". I guess, I would just caution that we're looking at a cash cost profile here, which is not necessarily reflective of the actual cost on a P&L basis."
AUS do not see any post from you yet just want to say you were correct about Lynas kicking Production into high gear and I was wrong. I just thought prices would restrain them. We will have a 2 ~ 4 month wait to see if I am correct about prices.
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