I suspect the RE carbonate pricing you are looking at is for a LaCe carbonate (42-45% REO content), which being heavly weighted to the lighter RE's is not a good comparator for the NTU HREO carbonate product. According to NYU's 2020 annual accounts they sold around 157 tones of REO carbonate to thyssenkrupp for A$3.069m, so the average price received was about A$19.50/kg.
Given that spot prices for the main payables (Dy&Tb oxide) in the NTU HREO carbonate have increased strongly in the past year I expect the price received for the current years production will be in the high A$20's/kg.
I agree NTU has a long way to go and will require additional capital to get there, but given they have actually produced commercial volumes of HRE carbonate which has been sold to a tier 1 offtake partner, IMHO it puts them a long way ahead of any other prospective aussie RE (ex. Lynas) producer.
As you say; "Arithmetic beats narrative"!
NTU Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
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