New Hafnium Application, page-9

If you want to look further at Hafnium without losing contact with rare earths, consider the Dubbo Project via ASM. Hf/Zr very useful in nuclear industry particularly. Interesting Korean Metals Plant includes smelting and alloying. Korea is to Dubbo what Japan was to Mt Weld? Not quite - yet? Dubbo is a more complex flowsheet than Mt Weld. It will be many years before they deliver, and I am a bit too busy at the moment to be playing with minors and hopefuls at this exciting juncture for Lynas, who is breaking new ground every year.

End of 2025 Lynas will be offering DyTb sourced from hard rock and at tonnage scale; this has never happened before, not in China, not anywhere. This will be the first ex-China source of ALL the rare earths needed for making the most important permanent magnets.

The ROW supply chain still needs smelting and alloying and magnet-making skills and scale. There's no doubt in my mind that the Japanese-SEA consortium that has been working those issues is going to be energized by NdPr-DyTb supply security.

The role of ex-Hitachi Metals Proterial which was just taken private in the US is really unclear, including how fast they can refit themselves (they just purchased a foundry), but BAIN paid a bundle for it and they have the IP, patents and rights to produce neodymium magnets, so I wouldn't be surprised by any timeline.

Amanda hinted at Malaysia ppotentially playing a role and almost certainly that will be in the smelting and alloying sector.

There are efforts in the EU that will also see Lynas as a boon. Speaking for myself, the announcement of DyTb from the LAMP was the most important news of the entire Lynas 2025 upgrade.