The main difference is the market cap.ARU: 280 mLYC: 3.500 mthe...

The main difference is the market cap.

ARU: 280 m
LYC: 3.500 m

the difference is a simple story worth 3.2x billion $: "we are the first major REE producer outside China".

Sounds good but never ever worth that price (MCP is telling the same story btw). LYC has always been ahead of ARU (1-2 years) in terms of production target. Right now, despite the BFS delay, it looks like this advantage is about to shrink dramatically due to the delay LYC is facing in Malaysia. This leads to the second difference.

LYC selected a production location in a country with a sovereign risk. Tax promises by corrupt politicians along with a plant location next to a highly populated area might have fueled the hype but as we see now, sovereign risks should not be underestimated. As for LYC these risks remain, even if an operating license should be issued.

The big question is: will LYC be allowed to produce in Malaysia and when will that be?

The answer will have a big effect on ARU, let's face it. If LYC falls, MCP and ARU will be the first to profit.

regards
Julia