1. They could view it as too risky. I mean there needs to be a...

1. They could view it as too risky. I mean there needs to be a bit of CAPEX poured into the project and the profits may be minimal when its said and done. China could drive them out of the market.
2. Also, the may not want to pizz off the Chinese by buying and developing a resource which the Chinese leverage off to bring production to China - ie Chinese producers/government luring in Japanese tech firms that need REEs. Bring your production lines to China and we'll give you all the REE's you can take.
Chinese buy alot more 'stuff' from the likes of BHP/RIO which in turn means profit, whereas BHP may make a decent profit from Nolans Bore but at what expense to their existing contracts. As i remember from when AS and Gavin used to visit China, the Chinese treat REE related chaps like rockstars...so they take that stuff pretty seriously over there.