My immediate thoughts, are that the ECE were awaiting a stuff up. If the west actually didnt get its act together and organise finance and/or offtakes, they could have the first 'bite of the cherry' so to speak. They were almost wishing for a us to not achieve binding offtakes/finance, to avail them the opportunity to coming in as the knight in shining armour.
It was not to be this time, but worth them staying the course... particularly as the initial investment was made many years before all this east/west critical mineral supply chain issues.
That all being said, its just a guess, and there will be many variations on this view.
Ann: Ceasing to be a substantial holder, page-12
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