Just to clarify my meaning:
At "Step 2" re separation at Site X, I am referring to the proposed new Pensana-built UK RE separation facility which is the subject of the recently announced Wood Group study.
The cost of that plant will come from the study but it will be at least a few hundred million US dollars,
and if successfully built it will be extremely profitable.
At present, high volume separation of mixed rare earth carbonates into separated Nd oxide, Pr Oxide etc is mainly done in China and by Lynas in Malaysia, who use their own Australian raw materials.
Please note that even without building a separation facility in the UK, Pensana will be a highly profitable business.