Ann: RareX Corporate and Investments Update, page-68

Is MP a competitor?

Not overly. Somewhat more complementary than competitors.

MP in the long term are looking to run the complete RE process by themselves and will be US focused. In the mean time, it's them and Shenghe.

CREC is more focused on the processing / refineries stuff largely with external parties and will have global connections.

They are in the same field, with seemingly limited crossover and maybe RET Co will somewhat bring them together (as theoretical customers of the other?) but I get the impression that MP is just going off and doing it's own thing.