No_8, you're right. But some of that $50m at the end of June 2013 would have been several tonnes of Ce and La used for seeding the plant, which have since been returned.
But we'll find out inventory levels this month for 31/12 in the half yearly. Dec 2012 had WIP at $34m at RM at $40m (total $74m, so it is coming down already).
However, there shouldn't ever be any finished goods inventory, as everything from Phase I was sold years ago. Apparently.
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