FYI REE currently have an offtake agreement with Thyseen Krupp for 5ktpa REMC with and option for 10ktpa. To my knowledge they are the only current international seller of 'raw' REMC and as they state they only get c.30% of contained TREO value when it sells.
As such if a new 95ktpa seller of REMC rocked up and China is the only buyer I think that the suggestion you are going to cash in on an additional 95ktpa coming to market is a hard sell (and remember at 20% PM8 are less than half the TREO grade of REE's REMC).
PM8 need to study upgrading to a carbonate and selling imo. They've already done some testwork on this is see (Acid bake vs. Sulphur bake).
But of course this equals capital
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