Completion of FEED and Value Engineering Study, page-8

True about the diminished RE prices, but rest assured that Longonjo / Saltend is still quite profitable at these depressed levels. Break even is around US$50,000/t NdPr, so anything above that level is pure profit. NPV and IRR might be low now but they are still healthy.

The Chinese (who currently decree the prices) have simply been transferring profit margins further up the supply chain to dissuade Western competition. They can't keep it up forever, especially once foreign suppliers and consumers start demanding ESG compliance.