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Lynas Corp and JP Morgan Launch Rare Earths ETF
JP Morgan and Lynas Behind New Rare Earth Metal ETF
by admin on May 3, 2010 We received a hat tip this morning from a MetalMiner reader that the first rare earth ETF, REE Fund, has received approval from the Swiss Financial Market Authority, FINMA this morning. The fund will open on May 31 of this year and has received this approval to operate only in Switzerland. It will invest in firms involved with rare earth metal mining, refining and manufacturing, according to the fund?s website. Interestingly enough, the fund lists Lynas Corporation as a ?supportive member. Lynas Corporation, a publicly traded company, owns a rare earth deposit at Mt. Weld in Western Australia and is developing an Advanced Materials Plant for the processing of concentrates in Kuantan, Malaysia. JP Morgan made a $450m investment in Lynas back in November 2009 though it no longer is a "substantial holder" of Lynas stock. This announcement signifies to us that Rare Earth metals have hit mainstream ? if the finance folks have already developed a fund to speculate in these metals, we can assume that many believe the Rare Earth metal companies are poised for growth. Read more Read about Australia's Rare Earth Compnaies, deposits and much more at www.AustralianRareEarths.com
Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice. |
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