A packed week comes to an end. Canada will join the European Union and the United States in imposing punitive tariffs on Chinese-made EVs, the government announced this week. On the other side of the Atlantic, the EU received 170 claims for recognition as strategic projects in the first round of the CRMA applications. In other news, the largest rare earth producer outside China, Lynas, published figures for FY 2024.
Canada to Impose Tariffs on Chinese EVs, Steel
The Canadian Government is reportedly imposing import tariffs on Chinese-made electric vehicles as well as steel and aluminum. According to media reports, the levy on EVs will be 100 percent, with steel and aluminum receiving rates of 25 percent each. The punitive tariffs on EVs are set to apply from October 1, and those on steel and aluminum from October 15.
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Critical Raw Materials Act: 170 Applications Submitted
The European Union wants to bolster its supply of critical raw materials. To achieve this, the Critical Raw Materials Act (CRMA) came into force in May. Projects contributing to this goal can benefit from simplified permitting phases and support in accessing funding. In the first round of applications, which ended last week, 170 were submitted.
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Lynas: Progress and Setbacks in FY 2024
Australian rare earth mining company Lynas has reported a significant decline in profits for the 2024 fiscal year. The decline in profit—over 70 percent—is attributed to a challenging market environment, including low demand in China and currently lower prices for rare earths. However, CEO Amanda Lacaze noted that there have been positive developments since May.
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Rare Earths: Vietnam Open to Cooperation With China‘s Creg
Vietnam is regarded as a promising candidate for alternative sources of rare earths to diversify from industry leader China. The ample, mostly untapped resources are estimated to be the second largest worldwide, according to the U.S. Geological Survey. Now, the Southeast Asian country’s state asset supervisor met with representatives of Chinese rare earth giant China Rare Earth Group (CREG) this week. The two sides agreed to explore mutually beneficial cooperation in the mining sector.
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