Why it matters: Australia has wanted to build rare earths capacity outside China
Peak Rare Earths has put plans for its own refinery in the UK on the backburner
The company will instead sell the output from its mine to a Chinese investor
Former Fortescue Metals executive Russell Scrimshaw says his rare earths company will get into production several years sooner because of Wednesday’s decision to partner with China’s biggest rare earths importer.
Speaking after Peak Rare Earths cemented a deal with China’s Shenghe Resources, Mr Scrimshaw said the alternative would have been to “wait and twiddle our thumbs” until developed nations established the sort of rare earths processing infrastructure that China dominates.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
