I like the reserve which if my calculations are correct assigns a value per ton mined of about $365. I realize comparisons with gold may be misguided but this is equivalent to 8.9 g/t gold which for 18.5 million tons reserve is impressive (5.3 million ounces Au Equivalent). The pre-production capital of $356 million is low when considered with the other metrics.
There is one concern though and that is the assumption the Neodymium and Praseodymium are going to generate $85 per kg. Apparently according to Figure 4 the Chinese price per ton for NdPr is 284,000 RMB or $41/ton. Is the assumption that the rare earth prices are going to double by the time the plant is producing?
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