1. I do not believe shipping concentrate to LAMP has been an issue, and even if it had been, we hold reserves at LAMP that would probably cover any shortfall during a quarter (at 75% rate).
2. However, what potentially did impact us was the lockdowns in our most important NdPr destinations - Thailand and (in particular) Vietnam. Resolved for current running quarter, but during July-Aug industries and ports were severely affected by stay-at-home orders and movement restrictions.
3. Echoing this, my data indicates we had a relatively 'slow' July/Aug.. In addition, Japan had a dip in metal receivables from these countries in July (figure below, volume in kg). However, as I've shown before, LYC has a tendency to end-of-quarter load (sometimes the last month in the Q surpasses the total of the previous two).
4. Average NdPr price for the Q is a recent memory high (at $107/kg).
So, the big question is, how much did the issues in V/T 'cost' in revenue, if any?
There are some uncertainty for this report, so while I still believe we will hit sp $10 by xmas, IF Thailand/Vietnam issues caused a dip in revenue we may see a short term dip in sp. But for long people, it's just noise..
EPA approval is a big tick, full steam ahead in Kalgoorlie, and I am eagerly awaiting the deep drilling results.. news re PDF.. increase in processing limits.. kiln arrival..
LYC Price at posting:
$7.39 Sentiment: Buy Disclosure: Held
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