# Brazilian Rare Earths Scoping Study Results

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a

Original source: https://www.globenewswire.com/news-release/2026/08/19/3347592/0/en/brazilian-rare-earths-scoping-study-results.html

Publisher: globenewswire

Original announcement: 2026-08-19T00:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Brazilian Rare Earths

- Ticker: BRE

- Exchange: Unavailable

- Region: Brazil

- Primary commodity: Rare earths

- Secondary commodities: Uranium, Scandium, Niobium, Tantalum

- Document categories: Resource update, Other

- Extracted: 2026-08-19 17:44:22 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Brazilian Rare Earths announced exceptional scoping study results for its Monte Alto + Camaçari rare earths project in Brazil. The study forecasts robust economics with an after-tax NPV of US$6.0 billion and an IRR of 90%, alongside a rapid 1.1-year payback period. The project is underpinned by a world-leading resource grade of 11.3% TREO and is expected to produce significant quantities of NdPr oxide and heavy rare earth concentrate, positioning it as a major global source for critical magnet materials.

Reasoning: The scoping study presents exceptionally strong economics for the Monte Alto + Camaçari project, driven by high-grade rare earth resources and significant forecast production of critical elements, positioning the company as a major global player. The high NPV, IRR, and short payback period indicate a highly attractive project, despite being at a preliminary study stage.

- Positive factor: Exceptional Scoping Study economics with US$6.0 billion after-tax NPV and 90% IRR.

- Positive factor: Very short payback period of 1.1 years.

- Positive factor: World-leading rare earth grade advantage of 11.3% TREO for the Monte Alto resource.

- Positive factor: Significant forecast annual production of critical rare earths \(NdPr oxide, HRE+ concentrate\).

- Positive factor: Low-capex mine development strategy.

- Positive factor: Project positioned in the first quartile of the global rare earth cost curve.

- Positive factor: Strategic partnership with Carester and European HRE+ offtake pathway.

- Positive factor: Identification of uranium as a strategic co-product and other critical minerals for future value.

- Negative factor: Scoping study level of confidence, which is preliminary.

- Negative factor: Uranium revenue explicitly excluded from current study economics.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 22

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document references an existing Mineral Resource Estimate with updated details for the scoping study, including specific tonnages and grades for Indicated and Inferred categories.

Evidence · text

> Monte Alto’s 3.40 Mt primary and residual Mineral Resource grading 11.3% TREO comprises 2.51 Mt of Indicated Mineral Resources grading 12.7% TREO and 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO.

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The resource estimate includes 2.51 Mt of Indicated Mineral Resources, indicating a good level of geological confidence.

Evidence · text

> 2.51 Mt of Indicated Mineral Resources grading 12.7% TREO

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource estimate includes 0.89 Mt of Inferred Mineral Resources, which is a speculative category with lower geological confidence.

Evidence · text

> 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document presents the results of a 'Scoping Study', which is equivalent to a Preliminary Economic Assessment \(PEA\).

Evidence · text

> Brazilian Rare Earths Scoping Study Results

**High NPV**

Definition: No canonical definition is currently available.

Why it applies: The after-tax NPV8 is reported as US$6.0 billion, which is an exceptionally high valuation for a project at the scoping study stage.

Evidence · table

> US$6.0 billion

Context: After-Tax NPV 8

**High IRR**

Definition: No canonical definition is currently available.

Why it applies: The after-tax IRR is reported as 90%, indicating very strong projected financial returns.

Evidence · table

> 90%

Context: After-Tax IRR

**Short Payback Period**

Definition: No canonical definition is currently available.

Why it applies: The payback period is approximately 1.1 years, which is exceptionally short and indicates rapid capital recovery.

Evidence · table

> 1.1

Context: Payback Period

**Low Capex**

Definition: No canonical definition is currently available.

Why it applies: The document highlights 'Low-capex mine development' and reports a total capex to first production of US$969 million, which is relatively low for a project of this scale.

Evidence · text

> Low-capex mine development

**Strategic Partnership**

Definition: No canonical definition is currently available.

Why it applies: The company has a technical partnership with Carester and a binding 10-year European offtake pathway for its heavy rare earth product.

Evidence · text

> Carester technical partnership and European HRE+ offtake

**Co-product Revenue**

Definition: No canonical definition is currently available.

Why it applies: Uranium is identified as a strategic global scale nuclear fuel co-product, and scandium, niobium, and tantalum are mentioned as future value pathways.

Evidence · text

> Strategic uranium and critical mineral co-product revenue excluded from study economics: Monte Alto is forecast to produce approximately 466 tpa U₃O₈

**World-Class Grade**

Definition: No canonical definition is currently available.

Why it applies: The document explicitly states 'World-leading rare earth grade advantage: Monte Alto is endowed with a Mineral Resource Estimate grade of approximately 11.3% TREO'.

Evidence · text

> World-leading rare earth grade advantage: Monte Alto is endowed with a Mineral Resource Estimate grade of approximately 11.3% TREO

**First Quartile Cost**

Definition: No canonical definition is currently available.

Why it applies: The project is positioned 'in the first quartile of Benchmark Mineral Intelligence’s global rare earth cost curve'.

Evidence · text

> position the project in the first quartile of Benchmark Mineral Intelligence’s global rare earth cost curve

## Extracted facts

Stored fact records: 22. Some facts used in scoring do not have a stored record.

## Resource Estimates (22)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-0)

Monte Alto · rare\_earths

#### Identity

- Project: Monte Alto
- Commodity: rare\_earths
- Ticker: BRE

#### Resource Data

- Category: indicated
- Tonnes: 2510000
- Grade: 12.7
- Grade Unit: % TREO

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The Indicated Mineral Resource shows a high grade of 12.7% TREO, contributing significantly to the project's overall value and confidence.

- Positive factor: High grade for rare earth elements.

- Positive factor: Indicated category provides good geological confidence.

Evidence · text

> 2.51 Mt of Indicated Mineral Resources grading 12.7% TREO

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-1)

Monte Alto · rare\_earths

#### Identity

- Project: Monte Alto
- Commodity: rare\_earths
- Ticker: BRE

#### Resource Data

- Category: inferred
- Tonnes: 890000
- Grade: 7.1
- Grade Unit: % TREO

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The Inferred Mineral Resource provides additional tonnage at a still respectable grade, but with lower confidence than the Indicated portion.

- Positive factor: Adds to the overall resource base.

- Negative factor: Inferred category has lower geological confidence.

Evidence · text

> 0.89 Mt of Inferred Mineral Resources grading 7.1% TREO

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-2)

Monte Alto + Camaçari · neodymium\_praseodymium\_oxide

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: neodymium\_praseodymium\_oxide
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 6,351 tpa of NdPr oxide in the first five years represents a globally significant volume of critical magnet rare earths, indicating strong potential for the project.

- Positive factor: Significant annual production of critical magnet rare earths.

- Positive factor: High production volume in the initial operating years.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 6,351

Context: NdPr Oxide Avg. Annual Production

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-3)

Monte Alto + Camaçari · neodymium\_praseodymium\_oxide

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: neodymium\_praseodymium\_oxide
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 5,661 tpa of NdPr oxide demonstrates sustained significant output of a key rare earth commodity.

- Positive factor: Strong life-of-mine average annual production of critical magnet rare earths.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 5,661

Context: 6,351

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-4)

Monte Alto + Camaçari · heavy\_rare\_earths

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: heavy\_rare\_earths
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 2,502 tpa of HRE+ concentrate in the first five years positions the project as a major source of supply-constrained heavy rare earths.

- Positive factor: Significant annual production of heavy rare earth concentrate, addressing supply constraints.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 2,502

Context: HRE+ Con. Avg. Annual Production

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-5)

Monte Alto + Camaçari · heavy\_rare\_earths

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: heavy\_rare\_earths
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 2,233 tpa of HRE+ concentrate indicates a consistent supply of valuable heavy rare earths.

- Positive factor: Sustained life-of-mine average annual production of heavy rare earth concentrate.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 2,233

Context: 2,502

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-6)

Monte Alto + Camaçari · uranium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: uranium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 540 tpa of U₃O₈ as a co-product represents a strategic global scale nuclear fuel source, adding future value potential despite being excluded from current economics.

- Positive factor: Significant co-product production of uranium.

- Negative factor: Uranium revenue excluded from current study economics.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 540

Context: U₃O₈ Avg. Annual Production

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-7)

Monte Alto + Camaçari · uranium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: uranium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 466 tpa of U₃O₈ provides a consistent strategic co-product, offering future value.

- Positive factor: Sustained life-of-mine average annual production of uranium co-product.

- Negative factor: Uranium revenue excluded from current study economics.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 466

Context: 540

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-8)

Monte Alto + Camaçari · dysprosium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: dysprosium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 229 tpa of dysprosium in the first five years contributes to the project's status as a major source of heavy rare earths.

- Positive factor: Significant annual production of dysprosium, a critical heavy rare earth.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 229

Context: Dysprosium Avg. Annual Production

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-9)

Monte Alto + Camaçari · dysprosium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: dysprosium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 205 tpa of dysprosium ensures a consistent supply of this critical heavy rare earth.

- Positive factor: Sustained life-of-mine average annual production of dysprosium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 205

Context: 229

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-10)

Monte Alto + Camaçari · terbium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: terbium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 45 tpa of terbium in the first five years adds to the project's importance as a source of heavy rare earths.

- Positive factor: Significant annual production of terbium, a critical heavy rare earth.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 45

Context: Terbium Avg. Annual Production

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-11)

Monte Alto + Camaçari · terbium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: terbium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 40 tpa of terbium ensures a consistent supply of this critical heavy rare earth.

- Positive factor: Sustained life-of-mine average annual production of terbium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 40

Context: 45

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-12)

Monte Alto + Camaçari · samarium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: samarium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 565 tpa of samarium in the first five years contributes to the overall rare earth production profile.

- Positive factor: Significant annual production of samarium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 565

Context: Samarium Avg. Annual Production

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-13)

Monte Alto + Camaçari · samarium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: samarium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 504 tpa of samarium provides a consistent contribution to the rare earth output.

- Positive factor: Sustained life-of-mine average annual production of samarium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 504

Context: 565

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-14)

Monte Alto + Camaçari · gadolinium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: gadolinium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 360 tpa of gadolinium in the first five years adds to the project's diverse rare earth production.

- Positive factor: Significant annual production of gadolinium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 360

Context: Gadolinium Avg. Annual Production

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-15)

Monte Alto + Camaçari · gadolinium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: gadolinium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 321 tpa of gadolinium provides a consistent contribution to the rare earth output.

- Positive factor: Sustained life-of-mine average annual production of gadolinium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 321

Context: 360

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-16)

Monte Alto + Camaçari · yttrium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: yttrium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The forecast of 1,060 tpa of yttrium in the first five years contributes substantially to the heavy rare earth production.

- Positive factor: Significant annual production of yttrium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 1,060

Context: Yttrium Avg. Annual Production

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-17)

Monte Alto + Camaçari · yttrium

#### Identity

- Project: Monte Alto + Camaçari
- Commodity: yttrium
- Ticker: BRE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The life-of-mine average annual production of 947 tpa of yttrium provides a consistent contribution to the heavy rare earth output.

- Positive factor: Sustained life-of-mine average annual production of yttrium.

- Negative factor: Production forecast is based on a scoping study.

Evidence · table

> 947

Context: 1,060

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-18)

Monte Alto + Camaçari

#### Identity

- Project: Monte Alto + Camaçari
- Ticker: BRE

#### Resource Data

- Grade Unit: billion\_usd

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: An after-tax NPV of US$6.0 billion demonstrates outstanding economic potential for the project at the scoping study stage.

- Positive factor: Exceptionally high after-tax NPV, indicating strong project value.

- Negative factor: NPV is based on a preliminary scoping study.

Evidence · table

> US$6.0 billion

Context: After-Tax NPV 8

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-19)

Monte Alto + Camaçari

#### Identity

- Project: Monte Alto + Camaçari
- Ticker: BRE

#### Resource Data

- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: An after-tax IRR of 90% highlights the highly attractive financial returns projected for the project.

- Positive factor: Exceptionally high after-tax IRR, indicating very strong project returns.

- Negative factor: IRR is based on a preliminary scoping study.

Evidence · table

> 90%

Context: After-Tax IRR

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-20)

Monte Alto + Camaçari

#### Identity

- Project: Monte Alto + Camaçari
- Ticker: BRE

#### Resource Data

- Grade Unit: years

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: A payback period of just 1.1 years is exceptionally short, demonstrating very strong and rapid capital generation from the project.

- Positive factor: Extremely short payback period, indicating rapid capital recovery and low investment risk.

- Negative factor: Payback period is based on a preliminary scoping study.

Evidence · table

> 1.1

Context: Payback Period

### Fact 22

[Link to this fact](https://atlas-staging.minestarters.com/news/brazilian-rare-earths-scoping-study-results--4fce1434-4240-438d-a2e2-09558e20754a#fact-resource-facts-21)

Monte Alto + Camaçari

#### Identity

- Project: Monte Alto + Camaçari
- Ticker: BRE

#### Resource Data

- Grade Unit: million\_usd

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-19T00:00:00.000Z

Reasoning: The total capex to first production of US$969 million is described as 'low-capex mine development', contributing positively to the project's strong economics.

- Positive factor: Relatively low capital expenditure for a project of this scale, enhancing economic viability.

- Negative factor: Capex is based on a preliminary scoping study and includes contingency.

Evidence · table

> $969

Context: Total Capex to First Production

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.