It allows us both a share of profit from refining of oxides and a way to expand our magnet recycling into brazil. Our IP is protected as only the JV entity is allowed to use it in Brazil.
Without going the JV route it was likely unviable with having to front 100% of the upfront cost ourselves. Especially with other spends and goals we have.
It's similar to what sprot has mentioned in some of their reports in that at the current lower ree prices it makes sense to not try and go in on a whole facility yourself (though they weren't talking about Brazil they were talking about makuutu)
Ann: IXR and VMM to form REE Refining and Recycling JV in Brazil, page-49
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