I was wrong about finish goods inventory. I expected them to drop they went up substantially. 2023 AR 22M, 2024 SAR 8.6m 2024 AR 26.7M.
So inventories are now higher than when they were building up for the 6 week shut down, They are currently $26.7/ $463 about 5.7% of revenue.
Cost / ton. This JMO is the best way to judge future profits. It will go down with higher volumes we should watch for that. Since the vast majority of CAP X has been manufacturing we can expect depreciation to go up in 2023 it was $53.7M in 2024 it was $50.6M This drop in depreciation is a good indication that none of the CAP X is included yet. CAP X from 2001 till now is 1.4B I will assume it will be depreciated in slightly less than 20 years. That is $70 M a Year more that will be added to product cost in the next year possibly 2 . Remember on page 1 of 2019 5-year plan this was supposed to be $500M. I added in % NdPr at very end. Because as prices have dropped Lynas has cut way back on la and Ce helping all numbers. Q4 2024 NdPr was about 70% I congratulate them on this it is the correct decision many companies have problems walking away from unprofitable business. Remember how in 2019 - 2021 AL told us all the things they would do to save CE business. Congratulation on seeing that just was not worth it. Hard to believe 15 to 20 years ago CE had the highest profits. World keeps changing.
Cost per KG of separated REEO
In the US the Gravel business has 2x better profits / ton than Lynas is now making. Probably an unfair comparison but I find it interesting.
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