Thu Sep 24, 2009 5:20am EDT
(Reuters) - China Nonferrous Metal Mining (Group) Co. Ltd (CNMC) has dropped its bid for Australian rare-earths explorer Lynas Corp, highlighting the tense state of investment ties between China and Australia
The state-owned Chinese firm withdrew after Australia's Foreign Investment Review Board sought changes to the deal, which would have accelerated the development of a major new source of supply for the China-dominated rare-earths industry.
WHAT ARE RARE EARTHS?
Rare earths are metals used in high-tech devices and green products like Toyota's market-leading Prius hybrid car.
The Prius is the biggest user of rare earths of any object in the world, according to commodities analyst Jack Lifton.
Rare earths are lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, yttrium.
WHAT ARE RARE EARTHS USED IN?
Rechargeable batteries for electric and hybrid cars, advanced ceramics, magnets for cars, computers, DVD players, wind turbines, catalysts in cars and oil refineries, computer monitors, televisions, lighting, lasers, fiber optics, glass polishing, superconductors, and weapons.
BIGGEST PRODUCERS
China produces about 97 percent of global supplies, followed by India, Brazil and Malaysia.
BIGGEST CONSUMERS
China and Japan. Global demand is forecast to grow rapidly as demand for green products increases.
BIGGEST MINES UNDER DEVELOPMENT, OUTSIDE CHINA
Molycorp Minerals LLC plans to reopen its Mountain Pass rare earths open pit mine in California in 2012.
Lynas Corp, Mount Weld, Australia
Arafura Resources, Nolans project, Australia
Great Western Minerals Group, Hoidas Lake project, Canada
Avalon Rare Metals Inc, Thor Lake, Canada
Sources: U.S. Geological Survey, company web sites
(Additional reporting by Steve Gorman in LOS ANGELES) (Reporting by Sonali Paul; Editing by Michael Perry, Mark Bendeich and Sanjeev Miglani)
Monday, November 9, 2009
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