In short, the RE market is too small, growing too slowly,...

In short, the RE market is too small, growing too slowly, excruciatingly slowly ex-China downstream in the west to make room for high cost new mines imo. Especially when strategic risk says western EV makers simply substitute RE-perm-magnet motors for other cheap and effective solutions instead of huge subsidies for high cost Chinese alternatives. Mineral sand deposits with almost free monazite bi-product, or large scalable hard rock monsters like Mt Weld or Kangakunde look the best bet if RE prices rise imo.

This previous post was written in some pique but does summarise well Gifford Ck's problems within the slowly developing RE sector ex-China. https://hotcopper.com.au/posts/69036510/single Most relevant answer to your question in two para's below...

On alternative western causing Yangi to remain stillbirth, start with Moutain Pass bringing 7000t NdPr back to Us from China once plant build is completed, 6000t NdPr from Mt Weld expansion going to Texas, plus another 6000t NdPr planned for next Mt Weld expansion, 5000t NdPr from ILU from 2025, Sierra Verde almost complete ionic clay mine 3000t NdPr over two stages, Energy Fuels expanding their US monazite cracking to feed NEo in Europe. That's 23,000t NdPr new western NdPr supply over the next few years ignoring Mt Welds next 6000t expansion. That's a shed load of new western NdPr supply, when in 2020 total global NdPr production was 47,000t , and only about 7000t NdPr was produced downstream in the west.

What about low-cost Yangi competitors... Vietnam just announced plans for -6000t NdPr (and they have the world's second largest ioic clay reserves, could go anywhere), MEI has their foot on the largest, highest grade ionic clay deposit outside Asia that will be good for 6000t Ndpr stage 1 and double that stage 2, and Brazil like elsewhere will discover more ICDs no doubt. Ionic clay can be produced cheaply if you hadn;t noticed. LIN's Kangakunde is a global monster (1Bt @ 2.5% TREO monster in one large pipe, hill sticking out the ground) will cheaply produce 60% REO con with 20% NdPr:TREo ratio just like all the mineral sand monazite producers, except not radioactive like Yangi, and no chemicals being simple gravity separation. Maybe $50M capex, 440ktpa demo plant will run at 2000t NdPr on the smell of an oily rag.. ramp that up to 1.5Mtpa = 6000t NdPr, but could treble that and still have 200 year mine life. PEK Ngualla will add 6000t NdPr to China in con to replace what they lose to the west in Mountain path...

The best deposits at Yangi have already been found, exploration upside is slim. Fresh carbonatite below the shallow ironstones (ie oxidized carb dykes) does not recover to the bene plant economically yet, though there may be bolt on extra float stage solutions? DRE has same problem at Yin half their MRE being fresh carb, not that they would say so...

Good luck