Shares in local rare earths stocks sank on Thursday after reports emerged that Trump administration officials notified mining bosses the government did not support mandated price floors for their products, raising doubts about US commitments to breaking China’s stranglehold on global supply chains.
The unconfirmed reports published by Reuters shattered expectations that all US producers would receive access to the same floor price incentive offered to a Californian company MP Materials in July – a guarantee to acquire key rare earths for at least $US110 per kilogram, well above market pricing.
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