Commodities trading firm Noble Group is set to take a small stake in ambitious A...
MELBOURNE - Commodities trading firm Noble Group is set to take a small stake in ambitious Australian rare earths developer Arafura, raising its exposure to strategic minerals critical to high-tech industries and electric vehicles.
The offering was priced at a hefty discount - A$0.085 compared to A$0.125 on Wednesday’s close - sending shares in Arafura skidding 20% on Thursday. Prior to the offer, the developer’s market value was around A$98 million. China is the world’s largest producer of the metals and state-owned news outlets have reported that as part of the trade dispute between it and the United States, it could cut its shipments there, stoking supply concerns. The United States imports 80% of its rare earths from China.
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