0605 GMT - The next permanent CEO of Lynas Rare Earths will face a major strategic question over Kalgoorlie, says Macquarie. The miner's processing facility there was built with surplus capacity to mitigate Malaysian licensing risk, which has subsequently eased, Macquarie says. "Prioritizing lower cost Malaysian C&R [cracking and leaching] could see Kalgoorlie operate at less than 60%" of its roughly 9,000-metric-ton annual neodymium-praseodymium capacity over the medium term, says the bank. Lower utilization could trigger an impairment test, says Macquarie. It could also provide headroom for future growth, including supporting sales to third-party separation facilities, it says. Macquarie has an outperform rating and target price of 20.00 Australian dollars a share on Lynas. Shares are up 1.6% at A$15.56.