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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Shenghe Resources Holding Co., Ltd    600392   CNE000001DZ5

SHENGHE RESOURCES HOLDING CO., LTD

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Shenghe Resources : Pentagon awards $13 million in rare earths funding to U.S. projects

11/18/2020 | 11:45am EST

(Reuters) - The U.S. Department of Defense has awarded three rare earth-related grants worth roughly $13 million to help boost domestic production of the specialized minerals used to make weapons, electronics and a range of other goods.

China is the world's largest producer of these minerals and has threatened to stop their export to the United States.

The Pentagon on Tuesday said it awarded $9.6 million to MP Materials Inc, which owns the only U.S. rare earths mine, to help the company process light rare earths.

Rare earths are 17 metals that are difficult and costly to mine and process cleanly. Most are so-called light rare earths, used in cellphones and other consumer goods. MP's California mine has a large supply of light rare earths.

But MP has to ship more than 50,000 tonnes of concentrated rare earths per year to China for final processing because equipment it inherited from its predecessor, Molycorp, is not operational. Chinese customers account for all of MP's $100 million in annual revenue.

MP Materials went public on Wednesday on the New York Stock Exchange, a deal that netted the company about $489 million. Shares rose 14% to $16.40.

This is the second Pentagon award that MP has received this year. The company and Australia's Lynas Corp Ltd received grants in April to focus on production of so-called heavy rare earths, a less-common type of the minerals used in weaponry.

The Pentagon also said on Tuesday it awarded $2.3 million to California-based TDA Magnetics Inc and $860,000 to Texas-based Urban Mining to focus on rare earth magnet production and stockpiling. The Pentagon earlier this year had granted $28.8 million to Urban Mining for similar magnet work.

Rare earths must be turned into magnets after processing, otherwise they are of little value to manufacturers. China dominates the rare earth magnet industry, too.

(Reporting by Ernest Scheyder; editing by Jonathan Oatis)

By Ernest Scheyder


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LYNAS CORPORATION LIMITED -3.24% 5.38 End-of-day quote.35.18%
SHENGHE RESOURCES HOLDING CO., LTD 6.45% 15.69 End-of-day quote.76.49%
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Financials
Sales 2020 6 670 M 1 031 M 1 031 M
Net income 2020 154 M 23,7 M 23,7 M
Net Debt 2020 - - -
P/E ratio 2020 175x
Yield 2020 0,06%
Capitalization 27 572 M 4 265 M 4 263 M
Capi. / Sales 2020 4,13x
Capi. / Sales 2021 4,04x
Nbr of Employees 2 046
Free-Float 58,3%
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Number of Analysts 2
Average target price 7,80 CNY
Last Close Price 15,73 CNY
Spread / Highest target -50,4%
Spread / Average Target -50,4%
Spread / Lowest Target -50,4%
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Ping Huang General Manager & Director
Ze Song Hu Chairman
Rong Gui Weng Chairman-Supervisory Board
Lan Tian Xia Chief Financial Officer
Guang Yue Tang Vice Chairman
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