News: LYC Lynas Signs MoU With City Of Kalgoorlie-Boulder, page-28

Japanese demand is the 15% of the magnet mkt that China doesn't own, and 45% of the high end mkt which is the growth sector, it still maintains an IP advantage, and it's highly leveraged to customer that don't want to be dependent China.

Lynas would never compromise its relationship with Japan, that engagement is a core part of the business, particularly for US rhetoric which has been running for over a decade with basically zero action.

Should the US actually make a real effort to build/rebuild a metals/magnet manufacturing chain I've got no doubt Lynas would be the first to step up with supply of the small quantities of REO required in the initial years, and to grow that supply as required.

The strength of the Japanese magnet mkt, growth sponsored by Lynas supply, is vital to the business ATM,to even suggest it might be secondary is heresy.