Lynas, page-8

Sorry, a nod to Shakespear made in good humoured jest. Meaning that perhaps you wouldn't mind a TO offer that drove LIN to $1 that badly, depsite being too offended by such an offer to even entertain it. No offense meant at all... and of course that post was only my speculation.

SVM agreed to a cheap RIO JV that killed any competitive tension, locking the project into whatever timeframe and outcome RIO desires. Maybe, fact that the MD has a 2% Net Profit Royalty for life of mine is a pointer as to why SVM were more interested in the certainty of funding large scale development
rather than maximising shareholder gains. Back of the envelope the MD will make more from the royalty each year than any one-off hare price gain in a competitive TO...

LIN will not sell down 15% and sign away any competitive tension just for a big brother partner. The demo plant come staged increase approach is much more acheivable than SVM's scale of start-up. The synergies of Kanga for LIN are obvious imo, whether or not LYC would cough up for an asset theyy thought they aready owned I'm not sure. At the minimum, surely an off-take is better than the Malaysian cracking plant runs on Kanga con than sits idle? An off-take deal on Kanga con would then feed into the Malaysian refining plant where LYC makes good returns and, perhaps more importantly, strengthens it's hand in marketing power.

Cheers