Looks like the key outcome of this work is that the basket for Sybella in the MREC product is on par with the best ionic clay projects (like Carina) and exceeds the MREC basket for MEI which has a high La content. This is represented by the MREO:TREO ratio chart as well as Figure 2.
The impurities are too high, particularly Ca and Mg, and likely will be resolved with further testing and optimisation upstream with pH 3 and 3.5 leaching (this was using pH ~1.5). The lower headline TREO grade of 48% seems to be a result of the Ca+Mg diluting the TREO. If they resolve that, their MREO grade will be higher than all peers so some upside there. Despite the 48% TREO their contained MREO grade was still higher than MEI which supports their strong basket mix. Looks like their MREC precip was done at pH 8.0 which based on the Penco study seems to result in more Ca+Mg in the MREC vs standard pH 7.0 so that could be the first lever to pull...
It is important to note, MREC is typically paid at a % (below 92%) on the MREO spot prices only, then less a processing fee per kg of TREO. So the higher MREO you have in the MREC, the higher payability you can get for the MREC against the spot prices. So a better MREC basket translates directly to higher payability. See below reference from the Carina study:
The more MREO in the MREC, the easier to separate the REO apart and the lower losses in the refining circuit = more payability from the refiners.
@chopstah I don't think the lower pH leaching at 3-3.5 will change the REO basket in the MREC (which is what would make this MREC superior to MEI's if impurities are sorted) but will be interesting to see what their next round of leach results come to.
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