Malasia's Ruling Coalition, page-12

As part of its semi Govt charter JOGMEC has responsibility for Japanese resource security, primarily petroleum products & rare metals, page 26:

http://www.jogmec.go.jp/content/300350621.pdf

Interestingly they've been doing some trading 2017.

In past reports there has been some specific mention of Dy & Tb as part of the CM reserve, and of course they invested in Lynas for NdPr.

Was able to track Chinese exports for a number of years, 2013, 2014 & H1 2015 Japanese legal imports Dy were <20tpa, post the July 15 collapse of artificial pricing imports jumped ~100tpa, at the point Dy deletion was accelerating. Some of that lift in volume may have been replacing previously smuggled material but I'd suspect the bulk went into stockpile, either JOGMEC or corporate, likely both.

Still relatively small at a combined 60 days supply, but way in front of the US who sold off their CM reserves, proudly sitting on 0.5t of Dy metal ATM, probably for nuclear industry.

While critical Dy is a tiny mkt, ~100tpa ROW & ~1000tpa China, currently excitement supply side with enviro controls shutting down 90% China's ionic clay production, remains to be seen how permanent that is but there is no shortage of material vs demand, just the ability to process it economically.

No idea how practical today but original Duncan numbers suggested 300tpa Dy WITH ~5ktpa NdPr, bigger resource at higher in-situ grade than NTU +NdPr. Iluka sitting on a massive resource in the Wimmera with a zenotime stream grading 5% Dy, maybe we'll learn more upcoming feasibility, but any real movement demand/prices will motivate a number of incremental projects like Blueline, which of course is in the box seat for ROW supply security totally independent of China. Unlike Thyssen and the other German offtakers ATM, maybe too late to the party, drawing a line from Lynas withdrawal from the Dragon.

Lol, you did ask.................joining a few dots there, but don't think I'll be too far away.