Generally, Rare earth deposits are say 1%-3% insitu TREO. The mix of rare earths within this different by deposit.
You then mine the ore, and then sift/flotation/spiral circuit (after grinding for hard rock plays) this to effectively remove as much non-TREO as you can. At this point you have an REMC. It might be anywhere between 40-60% TREO (still a mix). This is where PM8 say they are stopping and then selling the product. This is the stage that RBW is selling at.
Lynas produce about a 45% TREO REMC and ship that to Malaysia. They will have chosen this grade as the operating costs sweet spot for TREO grade/recovery/Mt Weld processing costs.
When you are ultimately producing a product to sell for 60,000 per t (like Lynas are with their NdPr oxides), the freight cost to Malaysia isn't too much of a consideration.
But to your primary point Jantimot, yes rare earth ores are mined in single-digit % insitu grades and the first step involves processing this ore and producing a REMC concentrate of between 45-60% TREO.
That REMC then gets 'cracked' (at a hydrometallurgical facility) and typically a carbonate is produced of similar TREO grade (still a mix of rare earth elements) but now a different chemical structure - - - to repeat this is the facility Lynas is moving to WA and the step where radionucleotides are created
Then the carbonate is leached into a solution and the separation step commences to produce oxide or other separated products (this is what Lynas will continue to do and incidentally also what the Lynas USA JV is going to do in Texas but for heavy rare earths ie Dysprosiuma and Terbium_
PM8 Price at posting:
19.0¢ Sentiment: Buy Disclosure: Not Held
