If you operate in the market with price cycles, every day when the price wasn’t going up felt like a day of torture; another fingernail was pulled out when the prices were very, very low. But prices do change over time, and our philosophy has always been that we should be ready when the price goes up, because it’s no use to then say, ‘Oops, we better make an investment now.’ It’s a risk-based decision to make an investment when the price is low. When you look at a lot of companies, particularly in mining, they tend to get fat when the price is high, and then they have to go on a diet—and that hurts, whereas we aim to hold our competitiveness right through the cycle.
The Trump Administration has been trying to build a coalition of partners to diversify the rare earths supply chain. But at the same time, there’s been a lot of aggressive rhetoric from President Trump, recently telling allies worried about energy disruption from the Iran war to ‘go get your own oil!’ Are you confident that partnering with the U.S. government is reliable?
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