Exactly the same reason they took ~10% equity in the Mt Pass buyout @ $20M and immediately assumed control as monopoly (read ONLY) customer.
Just look at developments inside China, largest producer Nth RE just handed low value concentrate back to Baotou, focus on the real business of value add.
Clearly GGG mgt could not develop a business from such a low grade 1% TREO resource, particularly given Nd presents so poorly, only alternate is try feed the Dragon, but even then they will compete with +6% Mt Pass TREO and built concentrate plant.
Enter the Dragon, every chance Shenghe will bleed this dry.
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