China's rare-earth miners suffer profit falls as new supply chains rise

HONG KONG -- China's rare-earth miners and refiners are suffering from falling revenues and profits despite the government's efforts to protect the strategic industry, as competitors scurry to build their own supply chains and the domestic economy remains shaky.

China Rare Earth Resources and Technology, a core listed arm of state conglomerate China Rare Earth Group, reported a 5.4% year-on-year decline in annual revenue for 2023, to 3.98 billion yuan ($550 million). Its net profit plunged by 45.7% to 417.67 million yuan.