NEWS: Two Chinese Companies Withdraw From Major African Rare-Earth Project as U.S. Firms Compete for Control $CRML $AREC According to an October 30 Reuters exclusive, two Chinese companies have withdrawn from the bidding process for Kenya’s massive Mrima Hill rare-earth and niobium deposit, leaving five competing groups, including several with American involvement. Among the remaining contenders are ReElement Technologies and Critical Metals Corp. ($CRML), alongside Fluor Corporation ($FLR) and other international mining groups. The two Chinese companies that withdrew were Hunan Research Institute for Nonferrous Metals and Jinan Yuxiao Group. Mrima Hill is considered one of Kenya’s most strategically important mineral deposits, containing rare earths and niobium, both essential to industries ranging from advanced electronics and aerospace to defense manufacturing. Preliminary estimates have suggested the deposit could contain mineral resources worth tens of billions of dollars, although that does not represent proven recoverable economic value. The American companies involved are particularly interesting. ReElement Technologies, a subsidiary of American Resources Corporation ($AREC), is participating through the Frontier Minerals consortium. ReElement specializes in rare-earth separation and refining technologies, potentially offering Kenya a pathway toward developing processing capabilities rather than simply exporting raw materials. Critical Metals Corp. ($CRML), known for its Tanbreez rare-earth project in Greenland, is participating through the Mrima Earth consortium, positioning itself for another potentially significant rare-earth development. Fluor Corporation ($FLR) is also involved through Meridian Mineral Holdings, alongside Tetra Tech. Kenya’s mining minister, Hassan Ali Joho, confirmed the Chinese withdrawals and indicated that the government expects to select a winning developer within the next two to three weeks. Importantly, the minister denied that outside pressure influenced the withdrawals and said he did not know why the Chinese companies exited the process. I’ve been following the growing competition between Washington and Beijing for access to African critical minerals, and this development is worth watching closely. The United States has increasingly emphasized securing alternative sources of rare earths and other strategic materials, while African governments are seeking greater investment in domestic processing and value-added manufacturing. For companies like ReElement and Critical Metals, winning a project of this scale could represent a meaningful opportunity to expand their international footprint. Note: Nothing has been awarded yet. The five remaining groups are still competing, and no final development agreement has been announced.

NEWS: China Threatens To Cancel Trump–Xi Summit Over New U.S. Arms Sales To Taiwan China has told the United States that it intends to cancel a planned meeting between their leaders later in September if Washington approves any new arms sales to Taiwan by then, multiple sources familiar with bilateral ties said on Sept 12. US President Donald Trump, apparently eager to showcase some diplomatic achievements ahead of November’s midterm congressional elections, places great importance on holding the summit with Chinese President Xi Jinping. While preparing for Xi’s upcoming trip, China has restated its position that the Taiwan issue is a “red line” in bilateral relations, according to the sources. China claims the self-governing democratic island as part of its territory, to be reunited by force if necessary. When Xi met Trump in Beijing in mid-May, he told the US President that Taiwan is the “most important issue” in the countries’ ties, warning of a potential conflict if it is mishandled. At the time, Trump said in a TV interview that arms sales to Taiwan could be “a very good negotiating chip” in his dealings with China, which raised doubts about Washington’s longtime security commitments to its allies in Asia. China’s increased military activities in and around the Taiwan Strait have raised fears of a potential invasion and a broader regional conflict involving the United States and its allies. Under the Taiwan Relations Act, enacted by the US Congress after Washington severed diplomatic ties with Taipei in favour of Beijing in 1979, the United States supplies Taiwan with arms to help it maintain a sufficient self-defence capability. In December 2025, the Trump administration announced an US$11 billion (S$14 billion) package of arms sales to Taiwan, the largest ever, which triggered an angry reaction from China. Trump has said he will host Xi and his wife at the White House on Sept 24 and organise a state dinner in their honour. The Chinese government has not made an official announcement regarding Xi’s visit to the United States. The US war against Iran could also be one of the major agenda items at the meeting, since China is Tehran’s key economic partner.