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Rare Earths Monthly Metals Index (MMI) rose by 10.6% for this month’s reading.
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Lynas Rare Earths reports half-year results
Australia’s
Lynas Rare Earths Ltd., the largest rare earths firm outside of China, recently reported its half-year results.
For the half-year ending Dec. 31, 2020, Lynas reported net profit of $40.6 million. That compared with net profit of $3.9 million in the same six-month period in 2019.
Furthermore, it reported EBITDA of $80.6 million during the second half of 2020, up from $44.2 million during the equivalent period the previous year.
US May Boost Rare Earths Mining to Counter Threat From China
WASHINGTON The Chinese communist regime has recently signaled that it could leverage its dominance in rare earth minerals, a threat that has prompted the Biden administration to take action to reduce U.S. reliance on China for rare earths that are used in everything from smartphones to electric vehicles to fighter jets.
In 1992, Chinese paramount leader Deng Xiaoping predicted the importance of rare earths to China’s future when he famously said: “The Middle East has oil. China has rare earths.”
Today, China is the dominant global supplier of the minerals, a group of 17 chemical elements used in the production of critical components of key technologies, which could easily be used as a weapon against other countries in a trade war or a conflict.
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