Has the Brazilian rare earths bubble burst?
For a while there Brazilian rare earths was all the rage. That was then, but it seems like the worm has turned, sending Brazilian companies down the same path as all the other rare earth companies around the world. The highest flyer, the Gina Rinehart backed Brazilian Rare Earths (BRE), has topped out and commenced a downtrend.
Meteoric Resources (MEI), one of the early high flyers, has already fallen by approximately 66%. Summit Resources was a recent entrant to the South American field, running from 6¢ to 50¢ in a matter of weeks. It has fallen back to 20¢ in the last two weeks. Last week Axel REE (AXL) IPO’d after raising $18m at 20¢, and it promptly fell to a low of 10.5¢.
It goes to show no matter how many shareholders a stock has, who are its major shareholders/backers or how many are promoting it locally or overseas or on HC when the company is not in demand the shareprice will head south.
Lindian is not alone with its shareprice at year lows. Hopefully this will change once news on funding is released.
Source: WeeklyComm 27 July 2024 copy (fareastcapital.com.au)
RARE EARTHS NEWS
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