The first full week of the year has already delivered several significant developments. China’s tightening of export controls on dual-use goods destined for Japan has renewed supply pressures on the country’s industrial sector. Meanwhile, the Australian government is considering introducing price floors and ceilings to support its domestic rare-earth mining industry.
China Tightens Export Controls on Dual-Use Items to Japan
The Chinese government said on Tuesday it will strengthen export controls on dual-use items to Japan, banning shipments that could contribute to Japan’s military capabilities. The measures, issued under China’s Export Control Law, prohibit shipments of all dual-use goods to Japanese military users or for any end-use deemed to enhance the country’s military strength. The controls take effect immediately.
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Australia Eyes Critical Minerals Reserve Including Price Floors and Ceilings
The Australian Association of Mining and Exploration Companies (AMEC) has published a government-commissioned draft for a Critical Minerals Strategic Reserve. The draft focuses on rare earth elements and proposes price floors and ceilings for rare earth element companies to reduce investment risk and secure a stable supply.
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Colossus: Renewed International Backing for Rare Earth Project in Brazil
Australia’s export credit agency has offered support to mining company Viridis Mining and Minerals for its Colossus rare earth project in Brazil. Up to $50 million could be made available for further development. This would mark the fourth instance of backing from state-backed financial institutions for Viridis. The Australian company has previously reported promising geological results from the project.
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G7 to Address Rare Earth Supply Risks at Upcoming Meeting
According to media reports, the finance ministers of the G7 countries plan to meet on January 12 in Washington, D.C., to discuss the rare earth supply situation. The agenda may also include price-guarantee mechanisms for non-Chinese mining companies to enhance their competitiveness.
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