Rare earth developers in Australia say they are edging closer to signing deals w...
MELBOURNE - Rare earth developers in Australia say they are edging closer to signing deals with new customers that would drive forward their projects amid mounting global supply concerns over the minerals that are crucial to high-tech industries.
Most of Australia’s projects, however, have been stuck as developers struggle to secure financing because of the domination of China, which accounts for about 90% of global rare earths processing capacity and one-quarter of the world’s reserves. “The level of interest has increased since the increased news focus on the issue,” a company spokesman said this week.
The prospects for Australia’s rare earths industry are picking up based on growing demand expectations. Australia’s Lynas Corp, the world’s only rare earths producer outside of China, has been supported by low interest loans from Japan’s government. Last month Lynas outlined expansion plans including building a U.S. processing plant.
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