News: ARU Arafura Resources Signs Additional MoU For Supply Of Rare Earth Products, page-11

Lockyer on Proactive.

A good interview. Here's my take. Both Tianhe and the other Chinese offtaker JingCi have what would appear to be large magnet export businesses (>60%?) and Lockyer states that ARU wants to work with Chinese companies that aren't necessarily aligned with the Made in China 2025 strategy. Consequently non Chinese magnet customers - think component manufacturers, automakers, etc in the EU/Korea/US - are the real targets/beneficiaries of these offtake MOUs.And it's a fact that outside of China, there's very little NdFeB magnet production capacity (Japan aside, albeit limited and largely domestic focused).

So are Chinese magnet companies like Tianhe and JingCi the conduit via which ARU could procure debt finance from the EU/Korea/US to build Nolans?