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Main ForumFIRB helps Japan to 25% of rare earth needs -Was this Rudd's play?

  • In an earlier thread we questioned foreign minister Rudd's ability to direct Australian Rare Earth companies to sequester REEs for Japan's use

    At the time it seemed that Rudd had stepped well outside accepted practice. But it now seems as though K Rudd may have got his way... I'd be interested to see some commentary re this article FIRB helps Japan shore up 25% of rare earth needs by Mathew Murphy... April 8, 2011

    Snippet: THE Foreign Investment Review Board has approved Japan taking a stake in the Australian rare-earths miner Lynas Corporation.

    A total of $US325 million ($310 million) will be raised through the Japanese trading house Sojitz, of which $US250 million will be used to expand Lynas's Mount Weld project near Laverton, in Western Australia.

    About $US25 million of the $US250 million will come from a placement to Sojitz, the largest supplier of rare earths to Japan, at $2.12 a share.

    The news is significant for Japan, which has struggled to keep up supplies of rare earths, which are used in the manufacturing of everything from iPods to radar equipment and catalytic converters." Read the full article

    But I feel that the news may be of more significance for Australian investors if Rudd has lobbied the FIRB to back him.
    Is this the beginning of a trend where our Govt's ministers start to interfere in our ASX's companies business? A quasi nationalisation as it were?

    I wonder if Rudd will now move on Alkane to prop up the USA's desperate need for heavy REEs?

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