"Rare earths such as neodymium and praseodymium are used to make the industrial magnets that hold together engines, wind turbines and for defence applications.
China’s dominance of rare earths processing has put a premium on the few refineries outside China, including Neo’s Estonian assets, which are very close to the Russian border and currently buy most of their rare earths from a Russian producer.
The Australian government has loaned more than $1 billion to Iluka Resources to build the nation’s first rare earths refinery at Eneabba, while Lynas Rare Earths has received US government grants to build a refinery in Texas.
Forrest is not the only Australian billionaire taking a strategic position in rare earths; Gina Rinehart’s Hancock Prospecting has acquired substantial shareholdings in ASX-listed rare earths stocks such as Lynas and Arafura, as well as American company MP Materials."
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