The announcement comes ahead of the first visit to South Korea by a Japanese premier since 2018. The two neighbors aim to normalize relations and agree to resume economic cooperation.
The Anglo-Australian metals and mining corporation will acquire the high-grade scandium resource Platina Scandium Project in New South Wales from Platina Resources Limited for $14 million.
The act is aimed to curb inflation and promote clean energy projects in the U.S.
The Rare Earth Magnet Manufacturing Production Tax Credit Act incentivizes the domestic production of rare earth magnets used, for example, in wind turbines.
This would be the fourth planned venture into electromobility by the American automaker and a step towards its goal of producing 1 million electric vehicles annually by 2025.
Increasing demand in new application fields combined with positive market sentiment and tightening supply pushes the global tellurium prices higher.