wake up people, page-10

All.In, there is certainly some merit in your point, particularly from the Japanese perspective, but if I've learnt anything it's the fact that there are a myriad of different influences on REO and it's very hard to weight them, ironically the market appears as complex as the elements themselves.

One thing that gives me great confidence is most often when clarity dawns I go back to the Lynas presentations/Q investor calls and find most of the hints & clues spelt out 6/12 months previously. Lynas are all over this market and well prepared for what's coming, including the excess CR in November.

2013 will be another transitional year with a good deal more clarity emerging in the second half, particularly if global GDP strengthens and floats all boats.