@ Phoebus - the difference here being that you're not going to end up being slaughtered by a lowball placing to keep the lights on at a loss-making company ...
Yup, lays it out nicely and the c20p shout is about right but doesn't take into account this year's +60% REM resource upgrade or a booming REM basket price caused by the China vs US trade war which could easily double that shout.
There's not going to be a deal US<>China mate - the US need it, the Chinese don't and nobody, not even the US, gets to tell the Chinese what to do anymore.
I wouldn't be at all surprised if China pulled their REMs.