Outlook: Bear Lodge PFS
Rare Element Resources (REE) has announced the results of the pre-feasibility study (PFS) on Bear Lodge, its rare earth oxide (REO) project in Wyoming, US. Planned annual LOM TREO production is 7,510 tons (6,813 tonnes) over a project life of 45 years. Construction is expected during 2016 with ramp-up in late 2016 through early 2017. Initial capital expenditure is budgeted at US$290m. Our re-worked dividend discount-based company valuation, at a 10% discount rate, is US$1.44/share (previously US$5.29/share). Although our valuation is lower, the change is largely due to project scoping and market price/dilution changes. The fundamental geological case for exploiting the ore body seems intact.
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