China’s rare earth export curbs push Australian miner to fast track Africa project as nations step up diversification plans
- Concerns over China’s intentions were heightened when sources said Beijing could restrict exports to US, a move that could hurt the weapons-making industry
- China dominates global rare earth production, but a new Export Control Law took effect in December, limiting the export of sensitive materials and technology
Amid geopolitical concerns over China’s plans to curb exports, Australian rare earth miner Ionic Rare Earths, which has previously fielded interest from governments, has secured commitments to raise A$12 million (US$9.3 million) in new funding to fast track its Makuutu project in Uganda.
The concerns over China’s intentions were heightened on Monday when Chinese sources indicated that Beijing could restrict the export of rare earth metals to the United States, a move that could hurt its weapons manufacturing industry.