time to short, page-15

Do the research - look at both the EU & US Critical Metals Reports and Gareth Hatch draws a lot of it together in his TMR report with supply/demand projections out to the end of the decade.

Journalists spend about 30 seconds researching articles like that and are usually looking for something controversial to get some attention - the point of the exercise in the first place.

Sure, RE is a small global market 160mtpa but vitally important ingredients in so many modern technologies so demand will only increase. LYC will have first mover advantage by some margin and Moly is no real threat with 70% of both S1 & S2 presold. None of the CREO are projected to come into balance until 2016 and only then if a host of new supply actually manages to make it to market and the weakness in the Re space must call a lot of that into doubt.

In a way weaker prices actually support LYC longterm as they will probably mean that only the best projects with good CREO mixes will emerge in 3/4 years as competitors.