Thinking you meant down the supply chain as in metals, magnets,...

Thinking you meant down the supply chain as in metals, magnets, but you are inadvertently right in the fact Lynas will concentrate right where it is in the upstream production of REO with the best defense against competition from China or others, being an intense focus on the twin elements within its direct control CoP & value add in process.

The former largely a function of feed & scale, the second probably not well understood but consider 70% of feed cannot be sold currently anywhere near recovery of CoP. While the mkt focuses intently on the magnetic materials output & revenues an important key to margins is cost recovery via value adding the 70% of La & Ce input.

ROW mkt is primed for expansion and Lynas moving to scale up in concert but equally an intense focus on value adding & developing those mkts for La & Ce. At $55kg NdPr UBS calculated Lynas margins at an extremely healthy 40% factoring La & Ce ~$2kg, factor say 10ktpa La & Ce at cost recovery and ~$50M drops to the bottom line over UBS numbers.

Lynas only just starting to get really, really good at what it does, Blueline expertise manufacturing Ce to functional materials may also have a role to play.