The magnetics supply chain is oxides to metals, alloys, NdFeB...

The magnetics supply chain is oxides to metals, alloys, NdFeB magnets.

Find me just one magnetic metals manufacturer of any scale in either Sth Korea, US or EU, let alone a magnet maker.

Something RE punters have just not focused on, the extremely narrow entry points to the NdFeB supply chain, blinded by the constant hype of "EV", which the astute might note keeps getting pushed out year by year. Regardless, the bulk of current growth is inside China, and as many should have noticed their game plan is sourcing low value concentrate to feed their established process INSIDE China, for them funding separation outside is a totally false economy.

Hard rock RE needs scale to value add to separated oxides which is capital intensive, ARU extremely so, none will ever be funded without the surety of a customer base that recognises that value over LT contracts.