Ann: RE Separation Pilot & Customer Engagement Update, page-42

Last first, Japan is NOT constrained by ROW oxide supply, nor for that matter has the US lacked for supply, they simply lack the manufacturing capacity. Chinese import data for CY18 shows they imported 2348t of NdPr that would have fetched higher prices ROW IF anyone had the additional capacity to manufacture NdFeB.

That has shifted CY19 with NdO now available ROW, supplying 90% of Japans magnet inputs but probably ~1000t still going into China, and there is the best part of another 2000t capacity ROW.

Don't kid yourself there is a shortage of oxides ROW now or immediate future, demand needs to catch up with supply.

Read the US pre tender RFI's, there is a very clear emphasis on commercial viability way beyond DoD demand, they are not looking for charity cases.

Japan has little to no spare capacity beyond domestic demand, currently expanding to meet their own forecast growth.

Read the article I posted Hitachi patents, they have largely successfully maintained them thru numerous court challenges to date..

US invented bonded NdFeB is not particularly relevant at a fairly static 7% of mkt, it is the Japanese sintered NdFeB where the volume growth will occur.