MP Materials has been making that claim for some time now, failing to clarify its RE is contained within ~60ktpa concentrate shipped into China with a rather low grade, just 16.3%, of NdPr.
Research report out Monday clarified a number of issues around MP claims and called potential "potential 60% downside in the stock".
"Grizzly described the stock as a "low-quality deal that will cost investors dearly." In addition, Grizzly claimed in the report that the company can be traced back to the Chinese government despite the company selling itself as "the largest rare earth producer in the western world."
"We found that Shenghe, a related party that accounts for 99% of $MP revenue, and a significant shareholder, can be traced back to the Chinese central government. This has been overlooked so far and could potentially pose a national security concern," tweeted Grizzly.
"The idea that $MP is the only feasible competitor to Chinese producers seems like a complete charade given that its biggest client and significant shareholder is controlled by the Chinese Treasury Department," they later added."
Exposure of the MP charade positive news for Lynas, particularly with the HRE project still caught up in a very extended approval process, still can't understand how DOD could award MP Stage 1 of the tender process, let alone the ''Chinese connection" MP simply ain't got any HRE, beyond trace elements.
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