Ann: Investor Presentation May 2020, page-31

You can't "build" if you don't have a mkt, at least in a responsible public company.

And I'm not talking the relatively minor HRE operation which will service the existing Japanese industry but the far bigger objective of expanding the ROW NdFeB market, which needs to be leveraged off the US manufacturing base.

This need has been identified for a decade and notably Hitachi, with the distinct financial advantage of their license protection, tried and failed.

No private capital will attempt this again without USG policy support to neuter Chinese State subsidy NdFeB, which also flows to their PMM & components, see Tesla.

Lynas engaged a DC lobbyist past 18 months or so, any familiar with Lynas business strategy should recognise much of the language in the DoD tenders looks like a C&P, particularly around commercial sustainability.

Lynas will not be acting unilaterally, there will be a mag maker involved downstream, way above the petty arguments in the media ATM, the ultimate outcome here will depend on whether or not USG policy creates a level playing field for domestic NdFeB manufacture, and expanded Lynas demand, otherwise they will need to look elsewhere.