Ann: Outstanding Ionic Clay Recoveries for Caldeira REE Project, page-42

Agreed, a good question. Many theorise that the Chinese/Myanmar operations are loss leaders for China to keep a stranglehold on the REE market. And on the Australian front, surely projects like Iluka could never get up without government assistance, so not much different to how China might be playing it. https://www.exportfinance.gov.au/newsroom/transforming-australia-s-critical-minerals-sector/

MEI, being in Brazil, in my opinion, will need to stand on its own two feet being a project within a BRICS aligned nation. Nevertheless, it sure does look like it can get up without government handouts.. Particularly the low CAPEX (compared to 1+B for hard rock projects) will be a game changer for MEI's prospects compared with the myriad of Australian and international hard rock deposits.