here is the rbs abbreviated noteLynas Corporation (LYC, $2.02)...

here is the rbs abbreviated note

Lynas Corporation (LYC, $2.02) Buy
After a development process spanning over 10 years, we believe LYC is in the
desirable position of offering a near-term supply response to the acute deficit in rare
earth markets. We are cautious of near-term commissioning hurdles, but see
material upside potential in the long term. LYC?s 100%-owned Mt Weld rare earth
project is the first of what we believe will be a lumpy supply response to 1,000%-
plus commodity price gains in the rare earth space. LYC expects to produce rare
earth concentrate from its Mt Weld mine in Western Australia during the September
quarter and saleable product from Lynas Advanced Materials Plant (LAMP) in
Malaysia by the end of this calendar year (we estimate 2Q12). LYC is targeting
steady-state production of 22ktpa after the Stage II development is completed in
early 2013 (we estimate 4Q13), representing about 20% of global supply based
2010 levels. We expect a positive announcement from the Malaysian Government
regarding the LAMP review in July, which we see as a trading opportunity rather
than an inflection event. Fundamentally, before entering the stock we would like to
see LYC achieve first sales and achieved prices (which the company expects in late
CY11).