None of those companies are refining their ore to a tradeable...

None of those companies are refining their ore to a tradeable commodity (Nd/Pr oxide). They are all only concentrating it to a mixed rare earth carbonate and their value proposition is lower accordingly. The node in production of rare earth magnets is seperation of the rare earth minerals from each other. it's expensive and difficult because they all appear together and they all have similar atomic weights so standard gravity seperation won't cut it. outside of MP and LYC arafura is the only company I know of that has developed a process of seperating their rare earths to a tradeable commodity (Nd/pr oxide). Comparing companies like has and ixr to Aru as if they are equivalent fails to understand this point.