Thanks for your informative post Jayzip.
Ex China, I see Lynas's nearest competitor as MPMaterials especially in the future US market, though Lynas has many advantages.
According to MPMaterials mission statement :
"Following completion of our Stage II optimization project, expected in 2022, MP Materials will re-commission the integrated processing facilities at Mountain Pass. Concurrently, the MP Materials Stage III team is working to restore the capacity to manufacture rare earth metals and permanent magnets in the United States."
https://mpmaterials.com/about/#mission
As detailed on their site, MPMaterials mine but they also plan to process concentrate into separated oxides and make magnets. They are in fact moving forward in achieving these goals, however slowly and behind schedule.
I can't see how you come to the conclusion that MP is a pure mining play.
(20min delay)