UBS: RareEarths:Section232 investigation elevates supply risks:The White House has ordered a Section 232 reviewon a range of critical minerals (see full list here) and with specific focus onrare earths. This news reinforces our view that focus on the development of anex-China supply chain will only increase and could lead us closer to abifurcated rare earths market. LYC (BUY) is our preferred name in the space andwhile we currently model terminal NdPr capacity of 12kt NdPr, the addition ofKalgoorlie means they could scale this ~25% higher to service any potentialgrowth in ex-China magnet capacity
LYC Price at posting:
$8.85 Sentiment: Buy Disclosure: Not Held
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