Buffet would not buy Lynas as it's risk profile is too high for...

Buffet would not buy Lynas as it's risk profile is too high for Rule 1 but it would certainly fit his criteria for under valued assets - Mt Weld alone would do it.
His method has been to find value where not many others see it and take a long term position. One of his quotes goes along the lines that once he's bought a company position he doesn't care if the stock market closes for 5 years.
He doesn't need the market to tell him if he was right or wrong on a daily basis, he's content to back his judgement and allow time for his perceived value to develop to the point where the broader market recognises it.