Lynas is going to struggle with LaCe, indeed. We've all known...

Lynas is going to struggle with LaCe, indeed. We've all known that for years. Basket pricing what's in the ground was a crude attempt at evaluating or quantifying the problem. You completely missed that.

Let me help you. The only case for making an investment in Lynas or any other REE-only operation is based on BEVs. Magnet metals, to be specific. They are the long-term source of profit.

The current magnet metals are DyTbNdPr. LaCe may be able to replace a significant amount of NdPr in magnets, but not all.

NdPr mining and refining will lead to long term oversupply of LaCe. Impact of declining oil industry compounds. Real risk for Lynas, as you note.

Your statement that the "LT surety of Lynas is probably value adding LaCe given its 70% by volume out of the ground,.." is utter nonsense; your dumbest yet. It is also completely incongruent with your new-found knowledge of how simple separation is. Upgrading LaCe is child's play and plenty of companies will arise to do so from Chinese cheap-as-shit LaCe oversupplies and at a fraction of the COP that Lynas can through LAMP bolt-ons. Not at all the way you described it in years past; I'll keep educating; you keep learning.

Bottom line: Lynas depends on magnet metals for it's long term surety. If BEVs using high voltage DyTb-NdPrFeB do not continue ramping, Lynas and LYC are both going to languish.

Magnet metals or bust!