Teasing this matter of risk in financing Kvanefjeld out a bit...

Teasing this matter of risk in financing Kvanefjeld out a bit more, please consider a hypothetical financing decision proceeding today.
To build the project and be making product in 2016, that is pretty much what is required.
It's hard to argue that the world demand for (in particular) HREEs will subside. The other ex-China HREE deposits we know about are all relatively small.
With the current and projected expansion in nuclear power generation worldwide, and with all but 3 nations signed up to the nuclear non-proliferation treaty, (and hopefully in the absence of another Fukushima type accident)its hard to imagine that demand for uranium will collapse to the point where our low cost polymetallic operation would become sub-economic for a protracted period.
Of course it could happen, but IMO a complete loss, or even a substantial permanent loss is a remote possibility indeed.
Every case requires a little faith, after all the due diligence is done.

Decisions to proceed with major projects which have long lead times is everyday stuff all around the world. Without this, we are destined to live and walk in the dark in a globally heated world.

Final point: In my part of the world, 3 major projects (all by one very large company) have failed, 2 completely and the other has been resurrected by a lower cost operator for a fraction of the original cost.
In all three cases, technical (design) mistakes cost them viability very soon after startup. In my experience this is the greatest risk.