The capital required to develop rare earths refining technology...

The capital required to develop rare earths refining technology is significant, but you can't build an electric car or wind turbine without these elements.

China has and is dominating the market for rare earth earths.

That has to change for strategic reasons despite the exorbitant capex.

Further, demand for rare earths will increase and, at the same time, supply has been lagging, so, for those with a long view, the market for rare earths must expand. Subsequently, the cost of rare earths and profitability of refineries must also rise with the tide.

AIMHO