bad feeling , page-23

'Smuggling is not an issue which directly effects LYc.'

May be true, may not. I'm not sure anyone actually knows the amounts and the routes for supple. So much of the REE business appears to be clouded in secrecy. But some highly respected 'experts' have put numbers around and if they are to be discredited, then I guess all of their views must be discredited.

I would agree that the big players would not take smuggled REE too openly. Generally this would be via a 3rd party, to protect the reputation of the client - deniability.

It is reasonable to assume that the big buyers of REE have invested capital in their own testing operations, and incoming materials would be subject to QC. If it meets the acceptance criteria it really matters not if the product has had Chinese tax paid or not. Business is business, and everyone looks to get the best price.

Just my view and other views equally valid.