Last week we flagged an interesting announcement from The Treasury regarding a proposed invesment from China in a gold mine in Nevada.
In announcing its intention to block the deal, the Treasury cited national security issues.
Well this is music to the ears of Molycorp — a company engaged in the mining of rare earth metals — which has received subsidies from the government, as well as a major investment from Goldman Sachs (GS).
The company has made a big deal out of the fact that that China is expanding its global mining share, and thus it should be eligible for subsidies. In fact, it’s big strategy seems to be playing the scare card.
And so we’re not surprise to see this approving Tweet out of the company in regards to the move from Treasury. Protectionism ahoy!