Metals melt down as recession fears overwhelm supply woes
Industrial metals have gone from boom to bust in the space of only three months, writes Andy Home.
U.S. Senator Lisa Murkowski, a leading voice on energy policy reform in Washington, on Thursday said she is “worried” about a Chinese company’s stake in MP Materials Inc, which owns the only U.S. rare earths mine and last month received a Pentagon grant.
“It kind of disturbs me to know that there’s a big Chinese interest there” in MP Materials, Murkowski said at a U.S. Senate Energy and Natural Resources committee hearing.
Shenghe Resources Holding Co holds about 7.7% of MP’s stock, which Murkowski said “is something that we’re worried about.”
Las Vegas-based MP declined to comment.
(By Ernest Scheyder; Editing by Mark Porter)
Comments
Tony Simpson
As the free world seeks to unleash itself from suply chain monopolies for a Rare Earth minerals & Rear Earth Metals
There Is only one company outside of China that can convert REE to REM
Australian Strategic Materials