News: LYC UPDATE 1-US on track to establish domestic rare earths supply chain for defence, official..., page-23

Some claim "It is not only Lynas, MP's impact was way overrated" using a simplistic analysis of total world production figures.
Of course Chinese NdPrO -> metal -> magnets dominate on that basis.
But what if you want to make magnets completely outside China?
Forget sourcing from Mt Pass unless you want to process their concentrate; a big majority goes to China for processing. US separation is promised but very very slow to deliver.
China doesn't export NdPr oxides but I believe you can buy the metals/magnet mixes from them; Japan does for a portion of their production. But of course, hardly relevant here (not fully ex-China).
Leaves Lynas as the only major ex-China mine-magnets NdPr supply chain (with DyTb coming soon). They toll their oxides to metal in Vietnam.
That means Lynas as the only major producer currently entitled to the massive US tax benefits of ex-China magnets.
On that basis, I think it's fair to say that Lynas is close to a monopoly supplier in the market it services.
I think the market, and some commentators here, are yet to understand some of these basics.