the report also provides a insight into why hebang would be...

the report also provides a insight into why hebang would be interest in wonarah:

CMSB’s entry into the phosphate business via MPAS is timely in light of a shortage of supply
mainly from China, which is affected by a clampdown on energy intensive industries as the country pledges zero carbon
emission by 2060

wonarah is in a sparsely populated high photovoltaic perfect for solar energy which would clean up the YP process, reduce cost and assure energy supply.

Raw materials are expected to make up the bulk of the costs at about 50%. For every 1 tonne of yellow phosphorus,
the input materials are 10 tonnes of rock phosphate, three tonnes of metallurgical coke and one tonne of silica. Only silica
is available locally why the other raw materials are sourced overseas, mainly China

wonarah ore is high grade with low impurities however it does contain a high level of silica such that i don't think you would need to add to the product for the furnace. The highest cost in the wonarah DSO was transport however this is mitigated if the YP plant is built at site.

Being the only integrated phosphate complex in Malaysia, this gives MPAS an advantage of being
the first, as far as the Malaysian market is concerned. Even in the region, there has been no new entrants to the market at
least over the past decade.

Supply could tighten up particularly with LFP Batteries becoming more popular. As noted not many new projects are coming on stream, this is a good way for Hebang to ensure future supply. Also as you noted Hebang have western shareholders so this project would represent a stable jurisdiction to start up in.