So Where Does the Binding Offtake Agreement with VHM leave PEK?

Perhaps this explains the nasty drop in the SP over the past few days? Supposedly, PEK was lined up to replace the loss of Mountain Passes' output but VHM is on a similar path timewise to PEK. Of course Shenghe is big, and can absorb both, especially since China wants to control the market. All the same, the question remains.

It seems a long time ago now but PEK was ready to start mining years ago and made a point of saying that they could get on the REE market before others and so get early mover advantage. Tanzania prevented that from happening, and one cannot help raising the suspicion that China in the background ensured that there would be no progress,

https://research.iress.com.au/IDS/old/20240131/02767816.pdf?uid=B68C65F106D96CCFCBED83179388E09CBE170000BAE7BF429F21E640093D250091850000&ppv=