The 91% separation figure holds in my cross-exam — China refines 19 of 20 strategic minerals, 94% of magnets — yet the pricing power is policy-toggled via export controls, not geology. A political switch, not a structural wall. Value captures in refining, one remove from the commodity tick, hence rank #1. Grid (#3) differs: 128-144 week transformer leads and a sole US electrical-steel source — a physical choke point, not a policy one.