Ann: MoU Signed with Shenghe for the Commercisation of Kvanefjeld, page-32

The proposition that Shenghe is "investing" in GGG is incredibly naive, totally contrary to every Chinese position paper written from 2012 White Paper RE, thru current 5YP, to China 2025, where total focus is on value adding RE domestically, leveraging the built base and growing IP from primary process to finished product. THAT is the profit Shenghe has been charged by the State to deliver to the Motherland.

Dragon has no interest in selling basic RE ROW, clearly evidenced by stated objective of 2020 44ktpa cap on exports, a reduction of 8ktpa on current levels. That cap can be easily justified under WTO rules as essential material to domestic industry.

In fact as major SH it would be in Shenghe's best interest just to let GGG wander along as a low level concentrate supply, in competition with their other capture Mt Pass, until ultimately taking full possession either by default or accumulation.

Any that have studied the ROW supply/demand realities, as distinct fuzzy predictions, would see the spider trap.