correct me if I’m wrong here but if we look at 2018/2019 FY (pre covid) for lynas, revenue was 360M and profit was 80M (after Tax).I know this is for the oxides only be we could assume a 22% profit margin as a good starting point. Wether the margin decreases as we go up the processing chain I’m not sure but you would think if ASM is producing the magnet powders then there doing it for a reason.
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