Thanks for providing the links LTL. I think maybe the total...

Thanks for providing the links LTL. I think maybe the total Capex might be higher in the end (they usually are more than the original estimates anyway) as the $90m for the concentrator and the $40m for the hydrometallurgical plant seems to me not to include the Capex for mine development, site infrastructure, tailings amongst other things.

We won't have too long to wait to see what NTU's scoping study estimates for Capex, and you're right, then we can make a fair comparison. Which will, as you rightly say, be based on the IRR etc of the total costs against the revenue stream of the total production.

Personally, I'm not much into making comparisons between the two companies, they are working on very different business models for quite different end products, even though they are both in the rare earth space. They will not really be competitors, so I don't see a reason to get too caught up in comparisons. I'm interested because I do see the need for supply of the heavy rare earths, and may be interested in investing in that end of the REE supply chain once an uptrend in prices is established.