Shares in the materials sector extended losses as investors worry about long-term economic growth.
Lynas Rare Earths has agreed to buy Meteoric Resources in a deal that values the Australia-listed explorer at around $672 million and gives Lynas a foothold in Brazil's growing rare-earths industry. The deal comes amid a race to rebuild rare-earths production outside China, which dominates processing of the critical minerals used in electric vehicles and consumer electronics as well as jet fighters and missile systems.That effort has led Western companies to pour money into Brazil, which has the world's second-largest reserves of rare earths, after China.
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