China is locking in steps to shape the pricing of the vast quantities of industrial metals it produces and consumes, with moves to attract foreign firms to trade on Shanghai's futures exchange.

“Clean Earth Magnet” technology is manufactured from iron and nitrogen.

Rare earth element concentrations could be nearly 200 times higher than those found in silicate-rich melts.

All mining activities in the east African country have previously been done by private firms after obtaining exploration and mining licenses.

The MOU provides a framework for the parties to leverage their respective capabilities and interests in the supply and processing of rare earth materials.

The plan, part of a $100 billion industrial policy vision, also called for the use of emergency government powers under the Cold War-era Defense Production Act.