Unfortunately there has been way too much hype for nearly a decade on "wot's in the ground" & the HRE mantra rather than "who, where & how much" are the middle supply customers that actually convert REO into functional materials, particularly outside China.
Despite all the hype there simply aren't that many of them at the kind of scale required to support $500M/$1Bn projects, particularly with the long lead times required, hence the number of projects that have been limping along unable to raise any meaningful finance.
One pending exception to that, and it won't be US$, they simply do not have a customer base for anything other than La & Ce.
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