LYC 2.72% $7.14 lynas rare earths limited

summary report, page-6

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    Project U, not wishing to be critical, but cash spend on production costs is simply that, it has nothing to do with COP. To calculate the actual COP you require both opening and closing inventory. Inventory information will not be available until 30 June financials are pubished. LYC held over $50m of inventory at 30 June 2013, and I would expect that number to increase significantly at 30 June 2014.The current production costs no doubt include a substantial build up in inventory, and this is to be expected as the LAMP production builds MOM.
 
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