-4.6 C
Belgrade
Supported byspot_img
spot_img

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

Member of Europium Groupspot_img
Supported byspot_img

Shenghe Resources, a prominent Chinese rare earth company, is continuing its strategic global expansion by acquiring interests in various rare earth and mineral sands projects worldwide. In its latest move, Shenghe has agreed to purchase four Tanzanian mineral sands projects—Fungoni, Tajiri, Sudi, and Bagamoyo—from Australian critical mineral developer Strandline Resources for approximately $28.6 million. These projects contain valuable zirconium, titanium, and rare earth feedstocks, typically found in dunes, rivers, and coastal areas. China’s dominance in processing these raw materials underscores the strategic importance of this acquisition.

Shenghe’s expansion is not limited to Tanzania. The company has made significant investments in rare earth projects across different continents. Notably, Shenghe holds a stake in MP Materials, the operator of the Mountain Pass Mine in California, a critical source of rare earth elements in the United States. In 2023, Shenghe deepened its presence in Tanzania by acquiring a 19.9 percent stake in Peak Rare Earths, securing exclusive rights to the rare earth concentrate from its Ngualla project for seven years, along with substantial portions of the intermediate and final products.

Furthermore, Shenghe’s acquisition of shares in Canadian rare earth miner Vital Metals has significant implications. This deal not only gives Shenghe access to Vital’s raw materials but also a 50 percent stake in the Wigu Hill rare earth project in Tanzania, with the option to increase this stake to 75 percent. This acquisition was seen as a blow to Western efforts to develop independent supply chains for critical minerals, highlighting Shenghe’s growing influence in the global rare earth market.

Supported by

Overall, Shenghe Resources’ strategic acquisitions and investments in international rare earth projects reflect its ambition to secure a dominant position in the global supply chain, leveraging China’s extensive processing capabilities to maintain its competitive edge.

Supported byElevatePR Digital

Related News

India set to decide on import restrictions for metallurgical coke

India is set to make a decision soon on whether to implement import restrictions on metallurgical coke, a crucial ingredient in steelmaking. According to...

AMMC targets major production milestones by 2030 with ongoing development projects

Almalyk Mining and Metallurgical Combine (AMMC) has set ambitious production goals for 2030, aiming to achieve annual output of 500,000 tons of copper, 50...

Kazatomprom partners with Jordan uranium mining company on joint uranium exploration and extraction

Kazatomprom, Kazakhstan's national atomic company, has entered into a collaboration with Jordan Uranium Mining Company (JUMCO) to jointly explore and extract uranium in Jordan....

Saudi Arabia boosts mining sector to secure global mineral supply and support clean energy transition

As part of Saudi Arabia’s Vision 2030 initiative, the country is making significant strides toward creating a sustainable economy driven by clean energy. To...
Supported by
Supported by
Supported by
error: Content is protected !!