Rare Earth Boom Expected As Trump Declares Emergency
WASHINGTON/PERTH: Before being hospitalised with Covid19, US President Donald Trump declared a national emergency on rare earths and called for a boost in domestic production.
The only problem is, the US only has one rare earth mine. Up until now American weapons and defence equipment manufacturers, along with tech companies, have been accessing the 17 rare elements from China.
But with the trade war in full swing those supplies are now in jeopardy. Australia is now expecting heavy demand for rare earths by the US, from operations already under way in Western Australia and the Northern Territory.
The big winners are expected to be Lynas Corporation, which has been mining rare earths from its Mt Weld operations for several years.
Also, in the mix will be Hastings Technology Metals and Arafura Resources.