Please enjoy this transcript from a recent deep-dive with Mr. Clint Cox of Anchor House regarding rare earths. Thanks to the host of the call Andrew Thake, Head of Content, Mines and Money. Published July 8, 2019 here, https://youtu.be/4OVf63FAbQs

Andrew Thake: Before we start, a couple of housekeeping comments... Today I am joined by one the world's leading experts on rare earth elements. He co-founded the Anchor House in 1995 as an investment advisory firm specializing in unique situations. In 2005, he began researching the rare earth element markets and began solely focusing on the rare earth element market from 2006 onwards. Mr. Cox has been to over a hundred rare earth sites and facilities worldwide, has spoken at many industry events, consulted with various agencies, and has worked with a variety of clients throughout the rare earth elements supply chain. Mr. Cox graduated with a BA in English from Colgate University in 1993. A very, very warm welcome.

Clint Cox: Thank you very much, Andrew. Thank you to the organization for having me on. I'm excited. Thank you very much.

Andrew Thake: One last point to mention before we start the webinar. Nothing we discuss today should be construed as investment advice... First question, Clint. Can you tell us a bit about what rare earth elements are and why they are important?

Clint Cox: Absolutely. Rare earth elements are found at the bottom of the periodic table, sometimes referred to as the lanthanides. For the record, I'll list them off so that everyone knows which elements I'm talking about. It's lanthanum, cerium, praseodymium, neodymium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, and yttrium.

Clint Cox: Promethium is included, sometimes, but that's actually only found in nuclear reactions. There's not much of that -- not much of a demand. And scandium is actually a separate market. Scandium, although it's included with a lot of official resources like the USGS and others as a rare earth element, it's actually a separate market. I won't be discussing much of that today. Further to understand the rare earth elements, they are divided into several different things. Light rare earth elements are usually the first four -- lanthanum, cerium, praseodymium, and neodymium. They are processed together so that's what's referred to as the lights. Officially, it also includes samarium, europium, and gadolinium. Those are all considered light rare earths.

Clint Cox: The heavy rare earths are terbium and everything else. Generally, that's how the market splits it, but there's a lot of nuances. We probably don't need to get into the weeds, but let's talk about the really cool uses. In your mobile phone, your iPhone or your Samsung, you'll have a really cool camera that can take pictures. That's because of lanthanum in the glass, which provides a really really high clarity that allows you to pack that much photographic power into that small of a lens. Then, when your phone vibrates that's a rare-earth motor. Then your speaker, too.

Clint Cox: Pretty much any compact speaker -- your earbuds or anything like that -- those are all going to be rare-earth-magnet-based speakers. Then, you have lasers, ceramics, thermal-barrier-coatings for jet engines. Fluid cracking catalysts that basically turn oil into gasoline or petrol.

Clint Cox: When you look at green energy, you have wind turbines, rechargeable batteries, auto catalysts, and electric vehicles -- there's a lot of rare earth uses throughout that sector. The biggest market is really magnets. Think about how pretty much every motor -- small motor -- in your car from the windshield wipers, mirrors, any speakers, and all the sensors. Throughout all of that technology are rare earths.

Clint Cox: It's not just your phone and car. Other appliances use a lot of magnets, too. That's kind of the general uses and info on what the rare earths are defined as. Hopefully that's not too much there.

Andrew Thake: A really great opening answer. I think the question that naturally stems from that is why, then, are we seeing the re-emergence of interest in rare earths? And what is different this time from the last wave of interest we saw in rare earth elements a number of years ago.

Clint Cox: Thanks Andrew. As far as the re-emerging interest in rare earths right now, think about the US-China trade dispute. Some call this a trade war, some call it a dispute. No matter what it is -- a trade negotiation -- the US has started putting more and more tariffs on China. When we got to the $200 billion mark, China really didn't have too much more room to come back the other way. In May 2019, we put the $200 billion on to China in tariffs. Then, we decided to ratchet that up. It went from 10% to 25% and China felt they had to respond, understandably. They started putting out statements.

Clint Cox: The first thing was actually Xi Jinping went to a rare earth magnet manufacturing facility. He went there and then went to, basically, a monument for the Long March. It basically sent a message on that day -- May 20th, 2019 -- that China is willing to suffer for a long time if we need to and they have these rare earths. It sent a really loud message to the community that, "China might use rare earths strategically." That was well known, but it actually got way way more specific when The People's Daily on May 31st said, "We're going to use rare earths. Don't say we didn't warn you."

Clint Cox: That language was obvious. It's been said now by both sides that the rare earths may be used. That's what's brought rare earths right back into the forefront. You have two the biggest economies in the world going head-to-head and their two leaders, Donald Trump and Xi Jinping, both now understand that rare earths could be a part of this. It is very different, Andrew.

Clint Cox: You asked a great question -- why is this different?

Clint Cox: There was a crisis back in 2010 and '11 with Japan and China. During that crisis, China actually cut-off Japan from having rare earths. This created a real crisis in the industry. You had price spikes that went from 10x to 30x on some of the rare earths. For example, lanthanum went from $5 a kg to about $150 per kg. That occurred in a very short time frame. Less than a year. That's the kind of chaos that was created by China cutting off Japan.

Clint Cox: This is much different this time. Even though this is less than a decade later, you have two very different leaders that are in charge now. Donald Trump and Xi Jinping are very strong-minded guys that know what they want. I think it's going to be very difficult for them not to push back and win whatever argument this is -- whatever negotiation is going on.

Clint Cox: The other thing that's very different is the US is the target here, not Japan. We were never targeted in the past crisis. This has a very different feel. There's no export quotas like there were before. There's been a consolidation effort inside China, so they have a much tighter control than they did back in the previous crisis.

Clint Cox: Then you have Lynas that's producing.

Clint Cox: Mountain Pass is producing.

Clint Cox: Rainbow Rare Earths is producing.

Clint Cox: There are some companies outside of China that are now producing.

Clint Cox: Then you have the broader market. The demand within the rare earth market has shifted. You have more magnet demand with more electric vehicles. The phosphor market, which used to be a huge demand for heavy rare earths, has almost disappeared.

Clint Cox: In the midst of that, you also have China taking on more downstream manufacturing -- taking more parts of the supply chain into China. Those are important facts regarding the question, "Why is the re-emergence happening now? And why is it different this time?"

Andrew Thake: Thank you very much for that, Clint. Let's move on to our first poll of the webinar. Let's ask our listeners why they are interested in rare earths... four options... we'll come back to the polling results later in the show.

Andrew Thake: The second part of my questions concern the US-China trade war that you've already touched on in your like previous answer. Please can we go a little bit deeper into China and the current US-China trade relations? How is the trade war driving the rare earth market? how did rare earths get caught up in the US-China trade war? Please let's dig into that a little deeper.

Clint Cox: Thanks. It is important. It's probably the reason why many people are on this webinar right now.

Clint Cox: Let's go back to how this started. If you go back before the tariffs and to the election when Trump was first elected, he said he's going to even-the-playing-field. I think that's very much a thing that he wants to do. To even the game, they started with the tariffs. They started putting these tariffs on. China was watching this with great concern. Then, we started really ratcheting it up.

Clint Cox: Last year, I spent some time talking with some folks that have an understanding of what was going on with the trade war. I spent some time with those folks and said, "Look. If you get to the point where you are pushing China beyond what they can also tariff, then they may have to go to something else. I'm not sure that they're going to use rare earths. This is something that they've used before and they might use again..." That's what happened.

Clint Cox: Early May, the US tariffs of $200 billion were like 10%. Then, 25%. China responds with $60 billion in tariffs. Then, Xi Jinping on May 20th goes to the magnet manufacturer and goes to the Long March Memorial. It's really that May 31st article from The People's Daily where it says, "Don't say we didn't warn you." Where they're basically saying we will use rare earths -- don't say we didn't warn you.

Clint Cox: Now, the fact that's in The People's Daily is important. That's an official media channel. The Communist Party often puts things out that goes to The People's Daily. It's kind of a quasi-official word.

Clint Cox: To give you the context of that phrase, "Don't say we didn't warn you." They used that in 1962 before China went to war with India over a border dispute. And before the China-Vietnam war in 1979. That phrase has kind of a special weight and meaning, which I'm not sure the US understands. The weight of that is significant. Just how profound that is -- the fact that they use that is a little bit disconcerting.

Clint Cox: This happened in 2010-2011 with Japan. They felt it dramatically. During that time, the US, the EU, and Japan all started efforts to diversify their supply chain. Or at least study and research how they could diversify their supply chain.

Clint Cox: The problem is the US didn't really correct that problem. Neither did the EU.

Clint Cox: They didn't really find other solutions. Although you did have companies like Lynas get to production and have significant production now, that doesn't solve all of the outside-China demand issues. The US has more goods to place tariffs on.

Clint Cox: We could go another $300-325 billion, but how does China retaliate? How do they negotiate beyond what they've already done?

Clint Cox: We're glad that there was a pause taken at the G-20 and there were not further tariffs announced. If that happens, then that's one of those things to really watch carefully. If we put on more tariffs or if there is further degradation in relationship between the US and China, where will China turn?

Clint Cox: That's a great question. There's a lot of speculation out there, but they've already made it clear that rare earths are one of those things they will use. I don't know if they can, at this point, turn back and not use that. Are they bluffing? It's a really really big conundrum that the entire market and end-users are all watching very carefully.

Clint Cox: Things are ratcheting up. It cooled off at G-20, but even since G-20 we've had a couple things come out -- news items that make it a little shaky again. We'll just have to wait and see.

Andrew Thake: Thanks Clint. One of the first questions sent in by a member of our audience before the show started was, "The majority of the well-known rare-earth deposits in the world outside of China are of type and chemistry that require extremely large capital expenditures of between $200 million to $2 billion, thus making them un-economic. Do you agree?"

Clint Cox: First of all, when you look at the economics of rare-earth deposits please understand that there's no easy way to look at this. It is extremely difficult and extremely complex. You may look at the type and chemistry. For example, monazite and bastnaesite are typical rare earth minerals that have been processed both inside China and outside China. There are a few problems.

Clint Cox: Capex is what you're talking about here. These capital expenditures could be $200 million or $2 billion, but it could also have by-product production. The by-products are important. The BayanOboo mine inside China is an iron ore mine, but it produces rare earths as a by-product. There are a number of sites, worldwide, that can utilize what they have in place for mining and have very low capital expenditures. They may still have operating expenditures that are basically putting it in an un-economic range.

Clint Cox: There's many things that go into this. Keep in mind that it's not just the capital expenditures, which can be very high, but also the cost-per-kg that it takes to put these things into the market. That's a really big concern.

Clint Cox: I know Lynas has worked very hard to get their costs down. There are other projects that are also looking to get their cost down -- that's always something they're trying to do. But the Chinese subsidize large portions of the supply chain within China and that makes it really difficult to compete.

Clint Cox: I don't want to oversimplify it and say "These are the capital expenditures that should work," because there are other minerals that factor into it. It's extremely complex.

Clint Cox: Be careful making a simple assertion.

Clint Cox: There are many factors, including handling radioactivity. Taking care of processing in different jurisdictions and moving the material around -- all that needs to be considered, as well.

Andrew Thake: With that in mind, let's move on to our second webinar polling question. How likely is it that China would actually cut off rare earth supplies to the US if the trade war continues? Let's move on to the next question for you, Clint. Do you think China would actually cut off rare earth supplies if the fight between the US and China escalates?

Clint Cox: This is a big question. This is what we're trying to figure out right now. They might. That should be a deep concern.

Clint Cox: Recent history says they might.

Clint Cox: Japan experienced this. It was extremely detrimental to their economy. This was a big deal -- Japan really got hit with this hard. Some say, "Look at the flip side -- the unintended consequences of cutting off Japan was that it stimulated growth of their own supply chains." These are unintended consequences that you don't plan on.

Clint Cox: When they cut-off exports to Japan, it caused Japan to start doing more of those things domestically. Some of those things came back to China afterwards. Some of those supply chains came back to China. Some didn't.

Clint Cox: Will they do it again?

Clint Cox: Cutting off exports to Japan did bring more manufacturing, short-term, into China. Companies wanted to make sure that they had access to rare earths, so they would move manufacturing facilities into China. Is that a good thing or a bad thing? The debate is wide open.

Clint Cox: Cutting off supply could mean many things. Targets could be oxides, metals, magnets, or targets could be components that have rare earths. Or specific companies! Keep in mind that it is a really big deal for China that ZTE and Huawei have both been targets of US sanctions, blacklisting, or non-sale lists. ZTE and Huawei are big targets. Why wouldn't China specifically target US companies? I don't know. This is a really tough topic.

Clint Cox: I wish I had the answer to this, I really do. I don't know what's going to happen. Are they bluffing? Maybe. What if they aren't?

Clint Cox: Can our companies source elsewhere? These are the questions that we're struggling with as an industry right now. It'll be really interesting to see how this plays out.

Andrew Thake: With that in mind, let's talk about the rare earth supply chain. Question, "Are there any other countries that can step in to cover China's supply?"

Clint Cox: Yes, there definitely are other countries. It depends on several things. Number one, it depends on price. The higher the price, the more competition you can have coming into the market. That's a big question -- how high will the prices go? Are they sustainable at a higher level?

Clint Cox: If they're not sustainable at a higher level, then what happens when the prices go back down? Does that basically bankrupt the company? A good example of this is Molycorp. It actually got into production, but then Molycorp went bankrupt shortly after based on the price declines. There's other factors involved in that, as well.

Clint Cox: A key thing is that it takes time. No matter where the prices go, it still takes time to get into production.

Clint Cox: Are there other countries? Yes. Australia, the US, Canada, Vietnam, Russia, Brazil, Chile and a bunch of African countries. Myanmar and Southeast Asia -- there's a bunch of places that could step in. The question, of course, is who could step in on the right timeframe and at the right price? Could they meet the specifications that end users need?

Andrew Thake: A follow-up question from that, "How will this impact global investment on our rare earths industry in Australia?"

Clint Cox: Australia has been in this for a while. They do have a producing mine right now in Mount Weld, the Lynas project. The Australian rare earths industry has a pretty long history and there are a lot of opportunities that can be considered. Look at the history of Australia -- they used to produce monazite in large volumes. That was something that was provided to the market and supported the market 30 years. Decades! There's a lot to talk about.

Clint Cox: There are a lot of junior mining companies that have been in this business since before the last crisis. They've maintained their projects and kept them going. They may have done some stuff in the lab to figure out the next steps. It all depends on funding and it depends on where they get to on the technological development. Once again, handling things like radioactivity and permitting needs to be done like any other mining project. Australia has a lot of really interesting projects, for sure. There's a lot to look at in Australia.

Andrew Thake: Thank you very much for that, Clint. We've got the answers from our first polling question up on the screen. "What is your interests in rare earths?" The number who were just curious about rare earths and don't plan to invest was 27%. The vote for learning more and may invest was 37%. The vote for plan to invest or have done so with some amount already is 13%. Have invested and will be adding to my positions is 23%. Another question that we got sent in by the audience was about another country. How will Canadian resources play out in this issue? Are they an option to go and fill in holes created if China is a hold-out from their resources, Clint?

Clint Cox: Again, this is very similar to Australia. Canada has a number of juniors that have projects that are both inside Canada and outside Canada -- all over the world. They have potential, as well. Some of the potential depends on the same issues -- permitting, rare earth prices, costs associated with the projects. In general, they have a lot of companies and some of the companies existed previous to the last crisis. Some of these companies have been around a very long time and they have experience. They've been learning for over a decade. Maybe this round of crisis gets them the funding they need to get to that next level. That's the big question.

Clint Cox: Are there viable Canadian resources that might be interesting? Yes, but we have to look at the other issues to go with them. The key one is really raising the funds that are necessary to move them forward.

Andrew Thake: We have the results of our second poll up now. How likely is it that China would actually cut off rare earth supplies to the US if the trade war continues? 3% said definitely will not happen. 29% said not likely, 31% said possible, 29% said likely, and 9% said definitely will happen. Let's move on through our third and final polling question, "How long before the Chinese lose dominance in the rare earth market?" And I'd like to ask you, Clint, about free mark theory. Is the free market the solution to the Chinese rare earth dominance?

Clint Cox: This is a really tough question.

Clint Cox: Free markets and the idea that the market will take care of this is what the US and some of the European thinkers have said. Economists say, "the free market takes care of everything, so don't worry about this. If it's necessary, we'll get production outside of China." That's a really tough thing to apply to this market, I believe.

Clint Cox: Let me just say this right off the bat. I think the idea of a free market is great. I'm not sure if a free market actually exists, but I think the idea is great.

Clint Cox: When it comes to strategic materials, however, I don't think it works. And that's because, once again, of what we know going back to China's sense of competition.

Clint Cox: China has either direct or indirect subsidies at almost every level of rare earth production.

Clint Cox: We're talking mining costs, permitting loans, and things that come from the both municipal, provincial, and even the national level. You have all kinds of subsidies that help the Chinese market. When it comes down to it, can you actually find a free market solution when you have a competitor that is so big that it doesn't play according to free-market rules? That's tough.

Clint Cox: Then, keep in mind that China could drop prices! They could flood the market.

Clint Cox: They can destroy free market players in the short term if they wanted to. They could do that. I'm not saying they would, but they could.

Clint Cox: I'd say the free market has sold very little since the last crisis. They've solved almost nothing.

Clint Cox: I did a paper on this. Go back, basically, over the 10-year period between 2006 and 2015. Basically, junior mining companies spent over $6 billion dollars -- just from the top 20 juniors. My criteria was that they had to have raised at least $10 million plus during that time period for rare-earth development. There was 28 companies that did that during that time period and they raised over $6 billion dollars in that time.

Clint Cox: You ended up with Lynas getting to production. Mountain Pass got to production, but then they went bankrupt. Now, they're retooling. It's a private company, but they they're shipping material now. To China. And then Rainbow Rare Earths, but there was no heavy rare earths being produced outside China.

Clint Cox: Look at the free market theory. It is a great theory and it would be fantastic, but when you're looking at strategic materials be careful. You're looking at things that matter to industry across the board, yet it's such a small industry.

Clint Cox: We look at rare earths as somewhere between $2 and $20 billion dollars, as an industry. That doesn't seem like it's that big, but it affects trillions of dollars worth of product.

Clint Cox: I think that's where it's hard to make a direct connection. If you're a company and you're only spending a few hundred thousand to maybe a few million dollars on rare earths per year as a tier two or three supplier, you don't see the strategic issues directly. Yet. You may not even understand the nuances of rare earths.

Clint Cox: Short answer, no -- the free market theory doesn't apply here. I think we need to get beyond that if we really want solutions.

Andrew Thake: A question sent in by one of the audience members, "Any more mergers and acquisitions?"

Clint Cox: It is definitely possible. I think it depends on how this plays out. Right now, we haven't had across-the-board rare earth price increases yet. We did have that back in 2010-2011. We haven't seen that yet and it hasn't been sustained. I think it just depends on how this unfolds.

Clint Cox: I think this is going to be different than the last crisis, if it even becomes a crisis! Right now, it's a philosophical and theoretical crisis. The question will come as to "What happens if the Chinese actually decide to use this and cut off small amounts of rare export or change things otherwise?" It's possible that if prices go up and things start accelerating on the money raising side, that people start looking at M&A activity.

Clint Cox: I think people who understand M&A and do that as a living will probably understand that better than I would. I think there are certain things in markets that trigger M&A activity, but I'm not a specialist in that. I don't understand what triggers M&A activity, but I will say we had this before.

Clint Cox: We did due diligence on a number of things in the last crisis, so I'm assuming that will happen again but only if this gets to crisis level. True crisis.

Andrew Thake: We had a couple of questions sent in about refineries. Can you talk to us about refineries? Are there any plans for them to be constructed outside of China?

Clint Cox: There are a number of refineries outside China, some public and some private. There are some interesting projects that may be coming to fruition in the future. You have some MoU that are in place right now. Lynas and Blue Line have an MoU to discuss the idea. MP Materials are looking at putting together a refinery. There are a few others that are being looked at. Yes, that's a big question. The other one is heavy rare earths.

Clint Cox: There's not a lot of heavy rare earth refinery capacity outside of China. That's really something that China dominates and hasn't been addressed on a large scale yet.

Andrew Thake: Another question, "What do you think the United States government will do to find an alternative source of rare earth elements?"

Clint Cox: The US government is an interesting entity. There's plenty of stuff going on with the US government looking at alternative sources, but I'm not sure how economic those will be or whether those will work. For instance, there's a large effort going on with rare earths from coal. A variety of parts of the coal supply chain can possibly pull rare earths out of the coal. That's NETL working on that. There's research on a number of fronts throughout the US government.

Clint Cox: The DLA is always looking at rare earths as that's part of their mandate. There's a lot, but the question is always "What's the timeframe? Will this stuff succeed? Will it be economic? Is there enough money being spent on it to get it to the next step?" I think everything that the US government does can be looked at with some level of skepticism from an industry point of view, as far as being economic. I think a lot of what the US government is doing is probably pretty important. At least they're engaged! I think that's important.

Clint Cox: I think the next steps that they take could be interesting. There could be more and more spent on these things, depending on where this crisis goes.

Andrew Thake: And our final polling question, "how long before the Chinese lose dominance of the rare earth market?" 5% thought it would be 1-3 years. 11% thought it would be 4-5 years. 24% said six to ten years, and 24% said 11-20 years. 35% said never. Clint, thoughts and comments?

Clint Cox: Absolutely. That is fascinating! The fact that this is how it's seen is amazing. The rare earth industry tends to change very quickly. To give you some examples of this, Mountain Pass dominated the space for years and was the dominant source of rare earths. It was taken over very quickly in the mid- to late-1980s when Chinese sources came on-stream and then started really accelerating. Within a decade, it was pretty much over for Mountain Pass' domination.

Clint Cox: If you go back even before that, there were sources early on that were really fantastic -- sources in India or Brazil or the US. The US actually used to produce from monazite. Then, Brazil came into the market and basically knocked out the US monazite very quickly because they were just cheaper and better. Then, India came in and pretty much knocked out Brazil! These things happened within the course of one to two years.

Clint Cox: Now, obviously, this is a different environment. This is late 1800s, early 1900s. The point is that things can change very quickly -- over the course of one or two years.

Clint Cox: If you were to ask me, then my feelings might match the the poll there. I don't know! It could be six to ten years. It might be 11-20 years. Or it might be never! I don't think it'll be never because there's always some new technology coming. All we need is someone to figure out how to process rare earths in a new way or to figure out that we can pull it out of something that's a byproduct in a cheaper way -- if that happens then this market changes very quickly.

Clint Cox: The other thing that can change the market is some new application. Right now, magnetic rare earths are key. Neodymium, praseodymium, terbium, dysprosium dominate the market. Magnetic applications are absolutely key. If there's a new application that uses some new rare earths, say, with terbium then that could become the number one!

Clint Cox: All of a sudden, it changes where you get the material from. Maybe some site that wasn't worthwhile before, now becomes very worthwhile. And maybe China can dominate that or maybe China can't. It's a really interesting dynamic.

Clint Cox: When you look at rare earth history, it becomes exceedingly complex. I've learned that every assumption that I make is pretty much wrong. I've been wrong in this industry way more than I've been right, that's for sure.

Andrew Thake: Another question, "Where is the best place to track their rare earth prices?"

Clint Cox: You can use Asian Metal paid news. There are lists on Chinese websites that are fairly difficult to find. Keep in mind, no matter where you get the prices, you have to understand how they come to those prices.

Clint Cox: It's not like there is a rare earth exchange where data is submitted and then everyone can look at it. There is no real exchange for this stuff and every end user may have a different specification for what they need. It's not a commodity product. In some of the markets, but not really. For instance, with lanthanum you might use three-nines purity or you might use five-nines purity. It depends on what your use-case is.

Clint Cox: And that 0.001% of deleterious elements might be really bad if it's arsenic, but it might be okay if it's iron. Or vice versa.

Clint Cox: There's no "commodity product" that's out there for rare earths. Every single end-user has a different case, so it becomes really difficult to say what is the actual price of the item. What is lanthanum today? What is neodymium today?

Clint Cox: At Asian Metal pages, those are based on someone calling someone else and saying "What do you have? What was the latest trade? What did you trade?" When they get the answer, maybe it's only a hundred kilograms traded. Or maybe it was hundred tons! The price is going to be different for each of those.

Clint Cox: It's really hard. They do a really great job, don't get me wrong. What I'm saying it's really difficult to nail down actual prices for rare earths because the market is so complex. It's not something you can just look at a website or pick up the phone. It's really difficult.

Andrew Thake: One final question, "Will the US make good on re-establishing a domestic supply chain for rare earth elements?"

Clint Cox: It takes a lot of time, money, effort, and expertise to do this. There is no way to do this "easy". Understand that if we start now and put good effort into it, then it's possible. But there are a lot of things that need to happen for that to go right.

Clint Cox: We have some things underway that are already very successful. Mountain Pass is making product right now. That is a positive, but there's a lot of other things that aren't before the supply chain will be there. There's a lot of things that need to be done and a lot of expertise that needs to be brought to the table.

Clint Cox: It can be done. Will they do it? I hope so. I hope that there's a significant effort to do that.

Andrew Thake: Thanks, Clint. That's the end of our scheduled time.

Clint Cox: Please reach out to me via email, c.cox@theanchorhouse.com

Clint Cox: I really do enjoy discussing the industry and it's been a little quiet the last few years. This is exciting times. Thank you for having me on. I'm happy to discuss anything with your listeners.

Andrew Thake: Watch for more on rare earths at our upcoming Mines and Money London conference on the 25th to the 27th of November.

https://youtu.be/4OVf63FAbQs