This morning I listened to a Congressional hearing by theHouse...

This morning I listened to a Congressional hearing by the
House Science and Technology Committee CEO, Subcommittee on Investigations and Oversight
RE: Rare Earth Minerals and 21st Century Industry
http://science.house.gov/publications/hearings_markups_details.aspx?NewsID=2762.

Five expert witnesses made statements about the state of the industry. One of them Mark Smith the CEO of Molycorp. Among many things, this is what he said:

"Thus, today, there are only 3 known and verified locations where a sufficiently high concentration of rare earths exists: Baotou, China; Mountain Pass, California, where Molycorps mine is located; and Mt. Weld, Australia, which has a rich ore deposit but none of the infrastructure necessary to begin extraction, separation, and distribution to market."

Testimony of Mark A. Smith Molycorp Minerals, LLC
http://democrats.science.house.gov/Media/file/Commdocs/hearings/2010/Oversight/16mar/Smith_Testimony.pdf

As you all know, this a a blatant piece of misinformation.

They are asking for Gov money and I can understand that they look after their own interest but Goldman Sachs is a large player in Molycorp with a history of conflict with Lynas and I can't help thinking that something is afoot. Jack Lifton also pushes the same line about Lynas.


I also listend to the Webcast by Matthews James at the ASX Small to Mid Caps Conference New York,
where he outlined in details Lynas plan and Gannt charts.
http://www.brr.com.au/event/64742/asx-small-to-mid-caps-conference.

It is becoming more and more apparent to me that they are frightened by Lynas and of its plans.
In my opinion Lynas vision has moved from a mine producing RE to a chemical company, which will be in the position to process oxides into metals, a skill that, by Smith own admission, is completely lacking in the western world.

Curtis has already announced that Lynas will be able to process other junior's ores. It may be that it will process more than juniors.

Anyway, if you haven't already, read the depositions. They give an excellent insight of the state of the industry.

As far as I am concerned I'll buy all that I can afford.
cheers