The most telling aspect of this report is the background of the main author who is a Russian living in Moscow. I also can't help noticing the glut of Chinese and Russian references used. Then there is the distinct lack of coverage regarding the strategic importance REEs have to the defense industry. It leads me to wonder who their target audience is. My conclusion is that this is a well put together document, targeting potential investors in the REE space that don't know any better, in an attempt to dissuade them from supporting the much needed independent Western backed supply chain.