China has the biggest REE resources in the world. China is the...

China has the biggest REE resources in the world. China is the world's biggest (c. 85%) refiner of REE, into chemicals etc. for EV & renewables' storage batteries, & other renewable applications- & military & defence applications etc. It also has large, but declining, Li resources; & is also the biggest Li refiner.

China, taking advantage of its above dominance, has, for decades, also used economic coercion, bans, IP, patent & technology theft etc,. to further it economic & political ambitions.The latest was its 3.7.23 ban on export of many REE gallium & germanium products (which it also has dominance in).
See my link below.

https://www.news.com.au/finance/business/manufacturing/chinas-brute-force-plan-to-destroy-entire-industries-could-seriously-backfire/news-story/702c8b846aeae1b7293155609c129852

This will further reinforce the increasingly strong & publicly proclaimed belief by many western etc. countries that they must secure their crucial supply chains- particularly in Critical Minerals, refining, & processing. They have decided (eg US 2022 IR Act, & the EU 2023 Critical Materials legislation, & other programs), to invest much more in "friendly" countries in these Critical Minerals etc-to ensure the viability & success of the decarbonisation revolution...& for their own Defence needs.

China, which has increased its threats to invade Taiwan, is not trusted- & will very likely continue to use economic coercion against the West.

For Li & Li refining, these geopolitical factors bode very well for the success of the future owner of ESS (assuming it is not under majority Chinese ownership).