ords research note, page-4

Denial, I'm not knocking JPM/Ords as I've closely followed their LYC stuff since they initiated coverage at 55c and I put a toe in the water.

However I am critical of selective quotes and misrepresentations as per fluff's piece and appears you're keen to join those ranks.

Your interpretation: "Critically at spot ords estimate LYC achieved basket price is now about US$19/kg, which is below the estimated phase 1 costs of US$19-$20/kg"

Totally ignoring the qualification:

"… but likely better if Lynas can extract better prices

As we have noted, new services are suggesting that the company is looking to extract better prices than those currently listed by Asian Metals. This is in line with the announcement by Lynas in mid-2013 that they would be setting
a price floor.
This could have a material impact on Lynas’ realized prices. For example: if we assume that all Lanthanum Oxide sales are done at US$15/kg, then we estimate Lynas’ realized prices are currently ~US$22/kg (China Domestic price: US$20/kg)."

Little value the quality of the research if it's not viewed objectively.