Antinuclear

Globe company mining rare earths, but sending them to China for processing

Globe tests waters with new rare earth spinoff  Kate Emery | View Archive, The West, June 11, 2012, “……..Uranium had its pre-GFC day in the sun and, more recently, it was rare earths’ time to shine, with prices for the not-actually-so-rare metals soaring on the back of moves by China to restrict supply. Prices for the handful of Australian-listed rare earths players rocketed in response and investors were suddenly talking about the likes of scandium and yttrium.

Fast forward to mid-2012 and the heat has decidedly come out of rare earths stocks.

There’s no one reason for the fall, most likely a combination of the dramas encountered by Australia’s sole rare earths miner, Lynas Corp, at its Malaysian processing plant, global macroeconomic conditions and a realisation that the surge in prices is unsustainable.

Globe Metals and Mining knows something about how quickly investor sentiment can turn when it comes to commodity bubbles, having lived a past life as Globe Uranium….. Arafura has encountered its share of obstacles and, as with Lynas, they have been largely associated with the processing side of the business.

Globe hopes to sidestep that potential pitfall by establishing Mount Muambe as a mining-only operation, shipping the product to China for processing….. http://au.news.yahoo.com/thewest/opinion/post/-/blog/13920051/globe-tests-waters-with-new-rare-earth-spinoff/

July 4, 2012 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, rare earths, uranium