Another thing is that CMOC has only 12.6 years left of reserves, with every year becoming more costly to mine (all the cream is gone).
If you were to follow this trend,
By 2036 CMOC will be depleted and the Niobium demand would reach 332ktpa Based on a 9.92% CAGR.
You can play with the numbers to be more conservative,
5% CAGR = 192ktpa by 2036
7% CAGR = 240ktpa by 2036
General discussion, page-12100
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