That's IXR though, separate from the JV (Viridion) to setup a plant in Brazil where the JV has exclusivity.
In terms of Lab Fab, they will need feedstock and I suspect they will blend recycled oxide to meet spec. Viridion will need high quality recycling feedstock proximal to them. In any case, premium priced oxide at lower spec. Recycling won't work by itself commercially in my preliminary view, particularly given the Chinese running the market.
The priority should be the mine, then the separation and securing sale to downstream then adding recycling in the mix over time as more feedstock appears and confidence is gained at the manufacturer on producing quality magnets at scale on contracted terms.
VMM Price at posting:
30.8¢ Sentiment: Buy Disclosure: Held
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