Ann: Quarterly Activities Report, page-28

Currently in California high desert country and couldn't access the US dial-in but listening to the webcast AL was quite clear that it took the first 14 days in January to ramp to a 600t per month run rate NdPr, nothing at all to do with your weird "6KT / Q for at least 14 days but they plan a little less".

Also quite clear MtP dumping 60ktpa concentrate into the Dragon is have a far greater impact on distorting prices than anything else ATM, other than soft China domestic demand.

That's probably up to 30kt Ce, depending on how much various processors are recovering, 20kt La & perhaps 10kt NdPr, in a soft demand enviro, stimulating more silly competition among Chinese producers for revenue over profits.

As usual, more moving part to the RE conundrum than you can poke a stick at, simple straight line analysis next to useless, worse in fact, but the ultimate driver will always be increased, sustainable demand.

One of the highlights of the QR was expanded LRE product range, higher returns La & Ce, enhancing the ability to grow that ROW mkt, which in turn will lead to higher recoveries driving down CoP/kg.