ARU Chart Thread, page-401

Not the "mining", primary supply of RE that is the issue, as I've been highlighting for years. MP illustrates it perfectly, now supplying 60ktpa clean concentrate (ultra low U & Th) into China which is processed into 36ktpa oxides and ~6ktpa NdPr which then makes 20ktpa Chinese magnets domestically, many of which will be exported back to the West.

China now manufacture +90% of global NdFeB, the existing ROW NdPr producer is only running 75% yet managing to met demand for ROW NdFeB producers, of which only three are significant and ALL have been losing money in their magnetics divisions past couple of years.

China has now mastered the high end mags required EV, etc, and rapidly expanding capacity out to 400ktpa sintered NdFeB.

Explain to me how any ROW enterprises are going to break that cycle???

And I'm talking cashed up, operating business of some substance aka MP, Bain - Hitachi, Shin Etsu, TDK, Lynas - Jap/USG, not some pissant dreamboat sitting on a pile of glossy PDF's and little else.

Which is why I've taken significant profits out of RE, still have a decent interest, may add back, but it was time to realise major portion given Dragon's move to +90% REO production & +90% NdFeB production.

You need to focus on the downstream manufacture to product, NOT getting it out of the ground.