Ann: Chairman's Address to AGM , page-31

You people are unbelievable, or simply can't read:

"At the end of October, the Phase 2 construction in Malaysia was on budget and 76% complete. Some of the assets will be commissioned as early as February 2013, allowing production of some specific products tailored for customers."

S2 will be producing "some specific products tailored for customers" from as early as February which suggests a more significant contribution to first half earnings than most has calculated.

As the August 13 earnings Ann. will be a important measure of Lynas's ability to deliver on all the hype and promise every additional dollar of cash flow from S2 is a huge bonus IMO.