Too many unknowns currently

Rare earths are not that rare (as we know) and nor is there a shortage of opinions as to the future price trends governed on the one hand by by supply and demand fundamentals, technological advances, statist intervention and the Chinese supply and demand factors (shutting illegal mines, increasing industrial production). Certainly there have been many failed predictions as there are too many unknown unknowns in this business. The incandescent light bulb lasted well over one hundred years and lives on in the more energy efficient halogens still legally obtainable in Australia. Many retailers no longer stock classic compact fluorescent light bulbs which have been outed by cheap LEDs, both of which use REE. All this changed in less than a decade.

If governments legislatively ban internal combustion engines (like some say they will), then the EV will come of age and with it demand for neodymium, praseodymium and dysprosium (REE magnets). I don't see market forces as the primary driver (death of the ICE) but in ten years time these metals may be very much loved along with today's darlings cobalt and lithium, and for the same reasons. The hard part for NTU is calling this right and being in production to meet this demand, should it materialise, and at the right price. On the other hand it may not.