Orwell, far from being disappointed I was very happy with the announcements, in fact I believe Lynas are ahead of schedule in their ramp-up. What you have to understand is that "ramp-up" involves slowly feeding the machine more and more input con and ensuring it successfully gets thru each of the linear stages of cracking, leaching and then separation and finishing without problems. The announcement tells me that there have been no problems to date (ergo fixes so far successful). 450t to the 28th Nov (2 more days prod to go lol) and expected same again or more in dec will give 1000t for the quarter (around 35%) of capacity). This is consistent with deliberately loading the plant slowly and consistently to ensure no over supply "shocks" to the machinery. By end Dec Eric is saying that full load will be achieved and therefore normal full capacity (around 2700t) should be achieved in Qu 1 2014 calender year. They know they can sell at least 11kt so in order to get to this tonnage for the year, they could run Ph2 as well. In my opinion they got their fixes right and with the high number of customer reps at the AGM I am hoping this translates soon into more contracts, more sales, more profits. Regards primaj
LYC Price at posting:
30.2¢ Sentiment: LT Buy Disclosure: Held
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