Firstly do some research on NdFeB production & trends, US may develop the IP & expertise at scale to be competitive with Chinese & Japanese high end sometime next decade, but it does make a nice glossy for the muppets.
In the meantime who exactly is MtP going to sell oxides to?
The "Lynas minus $1" NdPr strategy didn't work in Japan a decade ago, certainly got no chance now, so who's going to buy it?
The other 83% of output is Ce & La, they may be able to sell some basic La into US FCC if they can get it on spec this time, but there is no ROW mkt for the rest.
Economics of MtP are poorly skewed 83% LaCe/16% NdPr/<1% SEG+ with minuscule traces TbDy, no doubt they'll attempt a Ce discard but that also comes at a cost.
Regardless the fancy projections MtP a very long way off proving up economics on a third go round, meantime the VC has made out like bandits again.
LYC Price at posting:
$2.02 Sentiment: Buy Disclosure: Held
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