On the local refinery front, there are now questions around whether Iluka is going to go ahead with the Eneabba refinery as designed. $600m+ CAPEX blow out, unhappy shareholders kept in the dark and a marginal DFS done at an assumed Nd price double the spot price (i.e., the refinery will burn through cash if built today until the rare earths market rises significantly)
If only Lynas Kalgoorlie is available for CSO/DSO, and Lynas have stated that Kalgoorlie refinery will be supplied by Mt Weld (i.e., plenty of feed) that doesn't look great for VMS CSO/DSO options. Could be part of the sell down?
Printing of Shares, page-27
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