Wwwater - For the first time in the Q3 report we see the production volume of the NdFeB and SmCo:

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."...for the first nine months of 2012, LCM sold 149 metric tonnes of NdFeB and SmCo compared to 239 metric tonnes of NdFeB and SmCo for the same period in 2011."

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In the spreadsheet we calculate with 500t of INGOTS. This numbers above indicate that only 318t of NdFeB/SmCo were produced in 2011 and in 2012 around 199t (projection) of NdFeB/SmCo. I think that must have an affect on your calculation. In this table we also use for 2011 this:

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\$15.736.000 Revenue Ingots

\$ 9.948.549 Cost of Sales

\$ 6.306.447 Other Costs

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But in the Annual Report of 2011 I see other numbers:

\$16.437.278 Revenue Ingots

\$10.328.705 Cost of Sales

\$20.138.473 Other Costs (Total expences)

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In your table the projection of the cost side is based on the numbers of 2011. Can you please explain the differences between your table and the Annual Report 2011. Especially the cost side.

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Projection for 2012:

199t of NdFeB/SmCo.

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\$17.196.613 Q4 Revenue Ingots

\$11.931.422 Q4 Cost of Sales

\$28.886.341 Q4 Other Costs (Total expences)

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Interesting:

318t of NdFeB/SmCo (2011) = \$16.437.278 = \$51,69 per KG

199t of NdFeB/SmCo (2012) = \$17.196.613 = \$86,42 per KG