The former billionaire denied media reports saying his $150 million agreement to buy coal mine could be delayed or derailed because he has not satisfied contractual financing conditions.
There is an estimated 104,300 metric tons of thorium and rare earth element-rich veins in the area where MMG Limited has been granted exploration rights.
But Chinese banks are starting to call in iron ore-backed loans to traders holding 38mt, forcing them to dump inventories onto already well-supplied market.