Nameplate is relevant for two reasons. Firstly, it gives an...

Nameplate is relevant for two reasons.

Firstly, it gives an indication as to how on the ball management and posters are when they used to keep referring to the FACT that Lynas will achieve nameplate in the June quarter, for example. When all these predictions kept on failing, you knew to give little credibility to those peoples' posts on things Lynas predictive.

Secondly it is important as it indicates the maximum production of the high value elements, and if Lynas is to get COP below Revenue, then they will need everything from that suite that they can get. All the data we have from the company on COP so far has indicated that the fixed costs are much higher than the 30% Eric forecast a couple of years ago. The variable cost of production has been almost irrelevant - it's the fixed that had to be brought down.