23.5 C
Belgrade
Supported byspot_img
spot_img

Australian Rare Earth Project Attracts Investment from Chinese Corporation

Member of Europium Groupspot_img
Supported byspot_img

According to the latest estimates by the U.S. Geological Surveys, Australia’s rare earth reserves, those deposits that can be mined economically, amount to 5.7 million tons. Given the West’s pronounced dependence on imports of this group of raw materials from China, the country is increasingly becoming an international focus as an alternative and regularly advertises its mineral resources. This has not gone unnoticed in China either, as the People’s Republic continues expanding its rare earth industry and has long been investing in promising projects abroad. This is the case with the Australian mining company VHM, which plans to mine rare earths and zirconium-titanium products in the southeastern state of Victoria. Shenghe Resources has secured 60 percent of the annual production of the Goshen project with a binding offtake agreement for a total of three years. Shenghe Resources, based in Singapore, is part of the Chinese industry giant Shenghe Resources Holding, which has thus pulled off another coup.

In December, the company was able to secure the total amount of material already mined from Canada’s only rare earth mine and simultaneously increase its stake in the operator Vital Metals. Shenghe is also invested in other Australian projects and mining groups, such as Peak Rare Earths, which aims to mine rare earths in Tanzania. In addition, there are shares in MP Materials, the operator of the Mountain Pass Mine in California, which plays an important role in the U.S. raw materials strategy and is currently the only rare earth deposit in the country where commercial mining is taking place.

 

Supported by

Source: Raw Materials.net

Supported byElevatePR Digital

Related News

Overcoming the copper supply challenge: Implications for U.S. renewable energy goals

A recent University of Michigan study sheds light on a concerning gap in copper production essential for meeting renewable energy targets in the United...

Shenghe Resources expands global influence with acquisition of Tanzanian mineral sands projects

Shenghe Resources, a prominent Chinese rare earth company, is continuing its strategic global expansion by acquiring interests in various rare earth and mineral sands...

Addressing political risks in the critical minerals market

Investors can manage a variety of risks, including those related to construction, interest rates, weather, and even market price movements through hedging. However, one...

Domestic tungsten mines accelerate commercial production amid market surge

The commercialization of domestic tungsten mines is gaining significant momentum as the international market for tungsten continues to surge. The Uljin Ssangjeon Mine, a...
Supported by
Supported by
Supported by
error: Content is protected !!