Apol CT, I was rushing & obtuse. What I was really saying is...

Apol CT, I was rushing & obtuse. What I was really saying is that I would not invest on the basis of those old commentaries on contracts. They were written on another planet as far as the RE market is concerned given the disruption, and can you really see a large corporate writing a LT forward "fixed to market" contract without installing more bolt holes than a Swiss cheese?

Far more relevant is primaj's Post #: 9800233 above that expresses very well what I rather loosely refer to as the Lynas "business plan", a plan that was being formulated long, long before a couple of JV firms saw a market opp with Mt Pass.

"This is the essence of Lynas value proposition" which is also built on the highest grade & highest value suite resource, particularly in comparison to the major competitors Baotou & Moly.

While they still refine the mechanical/chem process it is clearly up to the experience of EN, and now JCS, to unlock that "Lynas value proposition" thru interaction with customers.

Success there is far more valuable than any written contract IMO.

As an aside, I note that Moly is yet to supply any material, Nd/Pr, to its downstream ops despite producing 2500 to 2700t (they don't appear to quite know the total) in the last nine months. Probably a reasonable assumption that they have not been able to produce material to spec, as distinct to Lynas's 25 supplier approvals. Their mooted inventory write downs in the QR3 may be instructive. Was a little concerned Lynas's current delays may have allowed Moly to catch up but appears not.