Developing a world-class rare earth deposit in South Africa
Developing a world-class rare earth deposit in South Africa
Developing a world-class rare earth deposit in South Africa
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LREO<br />
HREO<br />
Differ<strong>in</strong>g Rare Earth Distributions Makes Benchmark<strong>in</strong>g difficult<br />
The “Big 5” REOs are key and contribute >50% to RE project revenues for all peers (notably not Molycorp)<br />
Avg REO Current<br />
Lynas Molycorp Frontier Frontier<br />
Rare<br />
Element Arafura Frontier Frontier Avalon Quest<br />
price REO price<br />
Nolans<br />
Strange<br />
RE Oxide ($/kg)1 ($/kg)2 Mt Weld Mtn Pass ZC1-C ZC1-B Bare Lodge Bore ZC1-A ZC1 Nechalacho Lake<br />
Lanthanum $12 $91 2.03% 2.39% 1.17% 0.93% 1.08% 0.55% 0.67% 0.55% 0.21% 0.13%<br />
Cerium $10 $91 3.63% 3.44% 2.04% 1.61% 1.63% 1.33% 1.16% 0.96% 0.46% 0.27%<br />
Praseodymium $29 $136 0.40% 0.30% 0.21% 0.17% 0.14% 0.16% 0.12% 0.10% 0.06% 0.03%<br />
Neodymium $30 $147 1.39% 0.82% 0.73% 0.58% 0.41% 0.59% 0.41% 0.34% 0.23% 0.11%<br />
Samarium $8 $91 0.20% 0.06% 0.11% 0.08% 0.08% 0.07% 0.06% 0.05% 0.05% 0.03%<br />
Europium $494 $740 0.05% 0.01% 0.03% 0.02% 0.02% 0.01% 0.02% 0.01% 0.01% 0.00%<br />
Gadol<strong>in</strong>ium $13 $98 0.12% 0.01% 0.07% 0.05% 0.04% 0.03% 0.04% 0.03% 0.05% 0.03%<br />
Terbium $515 $740 0.01% 0.00% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.01% 0.01%<br />
Dysprosium $148 $450 0.05% 0.00% 0.04% 0.03% 0.01% 0.01% 0.02% 0.02% 0.04% 0.04%<br />
Yttrium $18 $106 0.17% 0.00% 0.19% 0.15% 0.03% 0.04% 0.11% 0.09% 0.15% 0.28%<br />
Erbium $0 $0 0.02% 0.00% 0.01% 0.01% 0.00% 0.00% 0.01% 0.01% 0.02% 0.03%<br />
Thulium $0 $0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%<br />
Ytterbium $0 $0 0.01% 0.00% 0.01% 0.01% 0.00% 0.00% 0.01% 0.00% 0.01% 0.03%<br />
Holmium $0 $0 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01%<br />
Lutetium $0 $0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%<br />
Total Grade 8.08% 7.04% 4.62% 3.65% 3.45% 2.79% 2.63% 2.16% 1.30% 1.00%<br />
Big 5 Grade 1.89% 1.13% 1.01% 0.80% 0.59% 0.78% 0.57% 0.47% 0.34% 0.19%<br />
B and C zones have good<br />
grades of the “Big 5”<br />
Notes:<br />
1. Based on average FOB Ch<strong>in</strong>a prices for 2008 through end 2010. No value is attributed to Holmium, Erbium, Thulium, Ytterbium and<br />
Lutetium as these elements have small markets, are typically produced to special order and do not have a regularly published price.<br />
Source: Roskill<br />
2. Prices from Metal Pages 1 March 2011<br />
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