Moderated

Dreamer

GGG will never progress past a liquid concentrate backloaded to the Motherland @ maybe $3.60kg (GGG's hopeful number) while the Dragon has its claws firmly entrenched, and very likely to drive then further with an equity grab in exchange for CapEx.

Regardless, as a monopoly cust0mer with access to excess built separation capacity it has a very powerful tail to wag the dog that is GGG. Totally exposes the false economics of ROW finance to hard rock wannabes, it is totally excess to global demand, and will be for perhaps most of next decade, and perhaps ever if the promise of low cost incremental production is realised, i.e. RES 3500t 2022 with $1.50kg separation costs fed by MDL with $3.50kg costs to 42% NdPr, Ce depleted concentrate from virtually infinite mineral sands monazite waste (punted their latest placement last week).

Dragon just thrown out the welcome mat, spider to the fly, now allowing foreign equity in downstream processing, tail throwing a bone to the head if you like. No doubt it will just have enough meat on it to keep the dog running in circles, effectively exchanging reagents for concentrates, but never enough to finance independent process. And why would any finance flow to GGG with Shenghe firmly in control?

Really is such an obvious play, thnx for raising it here, excellent example of another barrier to entry that wasn't covered by UBS in their LYC report, but I'll certainly bring it to their attention, with a couple of other points.