News: PEK Shenghe Resources to buy 19.9% of Australia's Peak Rare Earths, page-240

Correct, The World certainly does need at least one new RE mine every year if it is to succeed in the EV revolution.

That does not mean that the Chinese Government needs to develop one new mine every year to meet its goal of a RE Monopoly ! In fact considering that they already have that Monopoly, all they need to do to maintain it is stop the Rest of the World developing any new mines.

Greenland ~ plug pulled, Burrundi ~ plug pulled, Malaysia ~ Plug pulled, MP under control, Uganda infiltrated, Australia ~ infiltrated.

So long as China has enough RE for its own internal development, they will be in no hurry to expand production, their profits will remain the same as Supply-Demand is balanced out with huge price increases. Communist economic theory is completely different to the West.