Shenghe Resources Denies Controlling Stake Transfer Rumors, Reaffirms Strategy
Shenghe Resources issued a clarification on September 20, 2026, denying foreign media reports that a rare earth enterprise group planned to acquire its controlling stake. The company's controlling shareholder, the Institute of Multipurpose Utilization of Mineral Resources, confirmed it has no intention to transfer control. The denial followed a Reuters report citing unnamed sources that China Rare Earth Group was in talks to acquire Shenghe. Separately, Shenghe's offtake agreement with U.S.-based MP Materials expired in January 2026 without renewal. Shenghe retains 5,546,140 MP shares and is advancing its Ngualla rare earth project in Tanzania, pending government approval.
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