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Australian rare earth development projects are changing the mission. The projects are to develop alternative sources to China, which represents 90% of world supply. However, Arafura Resources accepts Chinese capital under financial squeeze. Lynas Corporation, which rejects Chinese support, is forced to stop the development due to financial squeeze.
Arafura Resources, which develops rare earth resources in northern Australia, accepts capital of East China Exploration & Development Bureau (ECE). Japanese industry interest said the project loses attraction while the project was attracting buyers to seek alternative sources to China.
Japanese users including automobile, appliances and tool machine makers concern they heavily depend on China for rare earth supply. China restricts the export to secure domestic supply and the offshore buyers try to seek alternative source for stable procurement. Australia is one of the countries for the alternative source as Canada and Vietnam.
However, Australian developers of rare earth were damaged from financial crisis. Arafura Resources finally depends on Chinese money while Lynas cannot find the financial solution before stoppage of the development. Lynas tries to seek financial support from buyers and government of Japan, Europe and USA to keep the China-alternative status. –Japan Metal Bulletin
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