Dubbo project now at assessment stage, page-9

Building on above, although ASM have priced selling oxides as a Dubbo product, many of those oxides will be destined for ASM metal plants to be further refined as metals and the ASM metals business will add further profit to the overall ASM coffers!

We already have been informed that KMP will take all Dubbo's NdPr output but this figure from the study clearly shows that most of the other oxide products are destined for an ASM metals plants, maybe KMP, maybe another...

Just goes to show that although the IRR for Dubbo alone is 'only' ~25%, it is crucial as a feedstock to downstream metal plants where further margins are added and at a much higher IRR! I am not sure that all posters are aware of this and seem to look at Dubbo in isolation of the big picture.