I think they would want to line up their alternatives first (a...

I think they would want to line up their alternatives first (a strong deal from US-based interests, who are clearly v interested in rare earths) before throwing out Shenghe

You don't want to be sticking your most significant shareholder in the eye without lining up your ducks first. Shenghe has its own relationships in Tanzania and it also comes with significant IP/knowhow etc and there are also other contractual terms (eg offtake) which might make it difficult to find a Shenghe alternative

But now, even the threat of dealing elsewhere (now more credible given the obvious geopolitical shifts) should be enough to extract timely execution, if not a better deal