The REE/U project is called Daicos in Harts Range. IMO this project is a sleeping giant.
The project was not attractive because for awhile U price was around $46/lb and the cash cost is probably $35-$40/lb. U price has been steadily climbing back to $61/lb.
REE is being monopolised by China, where lack of safety standards (for radiation) allow China to maintain a low operating cost. However with the recent scare from China threatening to stop REE export to Japan, REE is now seen as a high risk commodity and Japan has to seek supply from elsewhere. REE is plentiful around the world, but its development needs support.
Daicos has reported exceptional high grades of U and REE. A report I came across stated a sample with a U grade of 19% and REE, from memory, was 20%. A U grade of 19% renders the report unbelievable because one would be laughing with a 700ppm grade let alone 19%. Further investigation into this high grade sample is warranted but not while the U price was $46/lb.
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