Your last sentence is correct. I disagree that recycling or downstream operations (refining) leave IXR at a MC of under 100m though, given the continuous references to modular rollouts globally of the recycling technology should be prove to be successful. Yes there is risk, but recycling alone certainly justifies this MC, and then even if Makuutu goes on hold for several years, the market is forward looking and the RE in the ground isn't going anywhere.
Ann: Mining Licence Signed for Makuutu Heavy Rare Earth Project, page-79
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| Open | High | Low | Value | Volume |
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