Rare earths floor price doubts drive share price crash
Shares in local rare earths stocks sank on Thursday after reports emerged that Trump administration officials told mining bosses the government did not support mandated price floors for their products, raising doubts about US commitments to breaking China’s stranglehold on global supply chains.
The unconfirmed reports published by Reuters shattered expectations that all US producers would get access to the same floor price incentive offered to a Californian company MP Materials in July – a guarantee to buy key rare earths for at least $US110 per kilogram, well above market pricing.
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