molycorp conference call, page-24

Jan, as we've discussed, very difficult to make an economic case for Mt Pass with the 82% Ce/La burden, apart from making a loss there simply isn't sufficient demand to justify the production levels to get at sufficient quantities of Nd/Pr where they can make a profit.

Highly unlikely Neo can make anywhere near sufficient contribution to save itself, let alone Molymess. They paid $1.3B at the peak of the bubble which was apparently 7.5x the $180M offered for Neo 18 months earlier. While prices haven't fallen back all the way to the levels at the time of the $180M offer it gives us some idea of Neo's earning capabilities and it's highly likely that Molymess provides any synergies to improve earnings. Quite the opposite, Neo was purchased in an attempt to add value to Mt Pass and cover the deficiencies in it's suite.

Fair chance Con K will put together a consortium to buy Neo back out of a Molymess break up circa $350/400M.

Reflect the Lynas/Siemens JV, luv to get a good Ann. on that one, maybe a little kudos for Najib pre election?