Hardly a question of NdPr demand, simply a matter of when & how,...

Hardly a question of NdPr demand, simply a matter of when & how, as in the actual supply chain to the magnet makers.

China holds ~85% of NdFeB capacity and no question they will be more than happy to purchase low value concentrate from all and sundry to value add downstream.

Japan basically holds the other ~15% with 90% of their magnet inputs being met ROW with the source expanding both NdPr and also HRE capacity to meet growth expectations.

Depending on the take up of BEV and developing magnet/motor efficiencies a bit of a window could open up 2023/4 but then end of life magnet recycling will start to kick with Chinese estimates recycled NdPr supply will grow from 20% to 40% of total demand, effectively only 60% of demand will be fresh material from mid decade.

Any wanting to get into the oxide business would need to be starting the 4/5yr journey very shortly, and funding that will be awfully difficult without dedicated customers, ROW customers.

GL