You didn't mention No Refinery, just bags of MREC will be produced mainly Nd/Pr, shipping to China, no other option, It's going to be in BIG Debt, already North of $250M USD and then for a Refinery it requires $250 million USD to operationalize MREC refining. That's why he's on here, Competition, they're planing to produce 12,500t of MREC, but there is NO CAPACITY to refine that much MREC into Separated High Purity REOs in the WEST, even Lynas are having issues in refining
As of June 2025, only a handful of Western refineries are actually operating and capable of refining MREC (Mixed Rare Earth Carbonate) to separated, high-purity rare earth oxidesREOs. Here are the key operational facilities and their capacities:
Strategic Gap: No Western refinery currently matches Chinaʼs capacity to process MREC into full-spectrum REOs (light + heavy) at scale. Solvayʼs expansion and Ilukaʼs upcoming Eneabba plant (2026) aim to address this, Lynas and MP but the main issues in the West are the Heavies Dy/Tb, Ionic Technologies Commercial plant can offer 50,000kg of Dy/Tb
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