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%.
The China Rare Earth Industry Association will offer a cash reward for tipoffs on the illegal mining, processing and smuggling of rare earths, the association said on Wechat on Tuesday.
The association statement said it will review submitted information and pass it on to relevant authorities if necessary.
Chinese authorities have instituted a range of measures to try to curb longstanding problems with illegal rare earths mining in recent years, including a system of annual mining quotas, amid mounting global demand for the minerals.
China is dominant in the rare earths market, accounting for 70% of world mine production of rare earths in 2022, data from the United States Geological Survey (USGS) shows.
(By Andrew Hayley; Editing by Barbara Lewis)
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