The biggest problem in tying to bypass China in the RE supply...

The biggest problem in tying to bypass China in the RE supply chain is not RE deposits but downstream processing. Today's AFR article on China may be cut from critical minerals deals referencing a speech to be given by Resource Minister King includes some company CEO quotes outlining the problem. China has spent decades building out both tech knowhow in the very difficult process of creating RE-metals then turning them into RE-magnets. The west can't really build out downstream off-take in volume until they learn and perfect all the processes up to and including RE-mag production (in quality and quantity).

Meanwhile, China is capable and willing to supplying quality RE-magnets as finished products at prices that seem too competitive for western competitors. Governments need to support western downstream refiners and magnet producers so they can in turn make fixed-price off-takes with RE miners that guarantee a profitable price to mitigate some risk so investors will fund mine developments. If, and I say if, governments step up with that sort of support, then companies may make the decade long effort to buildout and perfect economies of scale downstream processing....

As an example, I note ARU recent off-take agreement with a German windmill company was on a 'floating' market price basis, which hardly de-risks revenue and thus solvency for ARU if a China trade/kinetic war doesn;t breakout and RE prices trend sideways/down...