On the contrary, it's you should be reading closer before...

On the contrary, it's you should be reading closer before swallowing the headline. I'm just giving you a little tap on the head warning...

Page 42. That US$71.27/kg TREO basket value equates to a Chinese Ex-Works price including 13% VAT. That is, the headline price the market considers and publishes all over, all the time. For example, this from the Yangibana 2022 DFS Update shows back then a NdPr-Ox price (VAT included) of US$112/kg. As I said, the new MRE update assumes ~US$177/kg NdPr-Ox back-calculated from the $71.27/Kg TREO basket and 91% of the TREO basket being NrPr (ie HAS states NdPr is over 90% in the 2022 release, NdPrDyTb was 94%, and now in 2023 they say NdPrDyTb = 95% of basket value). I'm not going to quibble over a percent error here or there though...