Metric totally ignored here is Nolan's proposed capital...

Metric totally ignored here is Nolan's proposed capital intensity: $680M/3600tpa NdPr = $189kg NdPrO.

Original LAMP: $750M/6000tpa NdPr = $125kg NdPrO

Conceptual brownfield expansion: $150M/3000tpa NdPr = $50kg NdPrO (and that's a potentially conservative number)

Also Dragon "at the ready" capacity cannot be ignored, recent article supports prior comment that they have been operating at just 70% separation capacity for some time, and states March to July they reduced that further 71% to just 39% as part of their price support mechanism:

http://www.repe.com.cn/index.php?op...=1229:2017-10-26-08-27-39&catid=22&Itemid=119

Clear inference is Dragon can expand NdPr production 50% with minimum expenditure as domestic NdFeB demand warrants, and that's ~ 85% global mkt.

Doubt any throwing hard earned at this thing have much concept of the realities, either side of the bamboo curtain.