Australia Blocked Rare Earth Deal on Supply Concerns
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China’s bid to gain control of the world’s richest rare earth deposit in 2009 was blocked by Australia’s Foreign Investment Review Board on concern it would threaten supply to non-Chinese buyers.
State-owned China Non-Ferrous Metal Mining (Group) Co. in May 2009 offered A$252 million for a 51.6 percent stake in Lynas Corp., which needed cash to resume development of the Mount Weld rare earth mine in Western Australia.