forget the tol, page-26

Because end users of rare earths do not want to have to establish factories in China and expose their technology to copycats.
And they will pay a premium for supply outside china as it is a cheaper price to pay than losing their technology.
As a property developer in China I know first hand the decision of a Japanese car maker who made that decision 2 years ago.
The global business model for rare earths is not the problem here based on pre commitments for stage 1 & 2 production - it is now purely a risk issue centred on politics & the malaysian government's weak position relative to a growing opposition because of previous corruption and cronyism.