Two Chinese firms have been blocked from investing in Australia’s valuable rare earth mineral sector in the past week.
It comes in the midst of tightening foreign investment rules during the virus outbreak and aligns with the federal government’s ongoing partnership with the United States to ensure rare earth supply chains are secure and not dominated by China.
On April 20, Treasurer Josh Frydenberg blocked a bid by Baogang Group Investment to invest $20 million (US$12.8 million) in Northern Minerals who operates a major rare earths project in Western Australia (WA).
The Chinese group is a subsidiary of the state-owned enterprise Baogang (or Baotou) Group, which runs the Bayan Obo Mining District in Inner Mongolia—the largest rare earths deposit in the world.
Northern Minerals operates the Browns Range Project, which covers a vast 3,595 square kilometre area (1,388 square miles) in the East Kimberley region straddling the border of WA and the Northern Territory.
The site is rich in rare earths, particularly dysprosium—an element mainly used in magnets for electric vehicles and wind turbines.
Northern Minerals operates the Browns Range Project, which covers a vast 3,595 square kilometre area (1,388 square miles) in the East Kimberley region straddling the border of WA and the Northern Territory.
The site is rich in rare earths, particularly dysprosium—an element mainly used in magnets for electric vehicles and wind turbines.
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| Each F-35 Lightning II aircraft -- considered one of the world's most sophisticated, maneuverable and stealthy fighter jets -- requires approximately 920 pounds of rare-earth materials |
On April 24, Yibin Tianyi Lithium Industry withdrew a proposed investment following advice it would be rejected by the federal government.
One of Yibin’s backers is China’s largest lithium-ion battery manufacturer Contemporary Amperex Technology.
Yibin was aiming to invest $14.1 million (US$9 million) in AVZ Minerals, which operates the Manono Project in the Democratic Republic of Congo. The project is a major producer of lithium.
According to a statement from AVZ Minerals, the federal government advised Yibin that the investment would be “contrary to the national interest” and contrary to the...
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3 comments:
The only reason the US is so low in the amount of "rare earth minerals" we mine is the EPA and the greens. They used to be mined in required quantities in California - the Sierra Nevada mountains. The greens stopped that.
US mining isn't cost competitive because we clean up after ourselves.
You are 100% correct!
I say we suck the chinese mines dry and save ours for later!
The US needs to become Rare Earth Metal IN-dependent, just like we've become Oil IN-dependent.
Reliance on China is literally the US dying because of what happens in China.
We need to end our dependence/slavery to China's whims....
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