On May 18, 2025, China’s Shenghe Resources announced its $150.5 million takeover of Australia’s Peak Rare Earths. The deal gives China full control of Tanzania’s Ngualla project, set to produce 37,200 tons annually over 20 years. Pending approvals, this move boosts China’s rare earth dominance, which already accounts for 69% of global output, and strengthens its geopolitical leverage.
