Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
China’s rare earth exports in September fell 17.6% from the prior month, customs data showed on Friday, as suppliers sold more domestically to meet robust demand.
September shipments of 3,935 metric tons by the world’s largest rare earth exporter were also down 9% from the same month a year earlier, the data showed.
Rare earths are used in a range of products, including lasers, military equipment, electric vehicles, wind turbines and consumer electronics.
“The month-on-month falling trend in September is not surprising,” said Yang Jiawen, an analyst at Shanghai Metals Market (SMM).
“Domestic demand improved last month thanks to a wave of restocking,” said Yang, adding that was driven by buying ahead of the week-long holiday in October as well as concerns over reduced supply from Myanmar.
Rare earth mines in a major producing region in Myanmar were ordered to halt operations on Sept. 4 ahead of inspections. Myanmar is one of the world’s top rare earth producers.
China’s spot prices of praseodymium neodymium alloy rose 4% month on month to 637,500 yuan a ton as of Sept. 28, SMM data showed.
Higher domestic prices encouraged exporters to sell more cargoes in the domestic market, said Yang.
Exports of the 17 minerals during the first nine months of 2023 stood at 40,371.8 tons, up 6.6% on the year.
Rare earth imports last month meanwhile jumped 19% from a year earlier to 15,898 tons, as ongoing tightening of environmental rules on mines limited growth in domestic supply.
China’s rare earths mining quota this year grew by a smaller percentage than the previous year, also limiting supply growth.
Imports over the January-September period are up 49.2% on the year to 134,334 tons.
(By Amy Lv and Dominique Patton; Editing by Jamie Freed and Sonali Paul)
Comments