Australia and US looking to challenge China's hold on the rare earths market

Australia and the US have been in discussions to form a rare earths joint action plan to open up what has become a concentrated market that's dominated by China.

Rare earths are metals and alloys that are used in many modern-day devices such as rechargeable batteries, mobile phones and catalytic converters. Australian Resources Minister Matt Canavan says there is no doubt Chinese producers are seeking to protect their market position"as dominant suppliers do from time to time".

Resources Minister Matt Canavan has no doubt Chinese producers are working to protect their market share.He told Sky News on Sunday that China has also in the past couple of years made various statements that would potentially restrict the supply of rare earths."We are very lucky in Australia to have a great mineral industry, so we will do our best to establish these markets," Senator Canavan said.

The government has supported projects in the past through the likes of the Export Finance Insurance Corporation, providing concessional finance, he said."I think there is a good case for worldwide co-operation here to diversify the supply of these minerals," he said.

Matt Canavan arguing that environmental protections should be lifted to allow processing of rare earth metals

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US stocks rise after trade talks | Sky News AustraliaThe US market has had a mixed response to the news that the S&P 500 broke a three week losing streak, coming within two per cent of its July record.\n\nThe Dow Industrials and the NASDAQ composite rose 1.2 per cent and 1.3 per cent respectively.\n\nTraders remain cautious as there is no decision on a round of tariffs set to come into effect in December.\n\nImage: Getty\n
Source: SkyNewsAust - 🏆 7. / 78 Read more »

US, China announce trade war breakthrough, sending stocks soaringThe 'phase one' agreement has raised hopes the superpowers will reach a final deal in coming months and end their 18-month long trade war. KnottMatthew . Meanwhile, NSW Labor adopts a “one country, two systems” party donations policy. auspol china KnottMatthew Is this the ‘yet to be signed, working on an agreement, phase one of a zillion, can still be cancelled, skinny deal’ breakthrough? FFS the market has priced in a trade deal 200 times and it still soars on nothing meetings and fake headlines. Wake up people.
Source: smh - 🏆 6. / 80 Read more »