Buster, highly unlikely Lynas will ever look to buy another...

Buster, highly unlikely Lynas will ever look to buy another resource other than NTU, or something very similar to it.

The RE market is a tiny market of only 115ktpa, 80ktpa China/35ktpa ROW. If both Lynas & Moly reach full production next year they would be producing 62ktpa, nearly twice annual demand.

Lynas doesn't need more volume, it needs more CREO - Nd, Eu, Tb & Dy - and it's already sitting on a very high grade resource at Duncan (not to mention Crown).

Mt Weld has the best REE suite by far (relative proportions of REE's in the ground as matched to market demand) and very high grades (discarding the Ce at Duncan enhances both considerably) so when you put these two together Mt Weld will be the most efficient REE mine, bar none, with a 25+ year mine life, plus Crown.

Only REE that is under represented v demand at Mt Weld is Dy, hence NTU's extraordinary Dy grades have been of interest to Lynas for sometime and they hold a 7% stake.

Nothing in the PEK suite that would be of interest and between Malwali & Malaysia I think Lynas has probably had a gutful of the sovereign risk thing anyway.