Future Supply Gap, page-7

Maybe they did some DD and looked at the average price to enter the Dragon first 11 months 2018:

"It is estimated that the annual import will reach 29,500 tons. The average import price is 1.81 US dollars / kg, equivalent to RMB 12.28 yuan / kg, that is, 12,000 yuan / ton."

Complete with boast domestic value add white devil concentrate:

"the apparent value-added amount can reach 364 million US dollars, eliminating the concentrate processing cost and separation cost, can obtain a relatively high profit"

Existing Chinese separation capacity, and they are busy expanding, demonstrates the false economics of massive ROW CapEx without assured ROW offtake.

Dragon will keep the concentrate purveyors on drip feed for years, as monopoly customer, while they no doubt build equity in the better long life resources.

Shenghe's new JV deal to process Th & U alongside the RE stream also opens up low cost monazite feedstock, massive resource available, hard rock's will struggle to compete, leaving them incredibly vulnerable.