Mei Ri Jing Ji Xin Wen·2026-02-03 00:47Core Viewpoint - The strategic partnership between Shenghe Resources and Australia's ETM has been unilaterally terminated by ETM, which claims that the rights established in their 2016 agreement have lapsed, prompting Shenghe Resources to seek legal recourse to protect its interests [1][3]. Group 1: Background of the Partnership - In September 2016, Shenghe Resources and its subsidiary signed a share subscription agreement with Greenland Minerals, agreeing to acquire 125 million shares at a price of 0.037 AUD per share, totaling approximately 4.625 million AUD, equivalent to about 23.59 million RMB [2]. - Following the investment, Shenghe Resources held 12.5% of Greenland Minerals and obtained a non-executive director position [2]. Group 2: Termination of the Partnership - ETM announced that the strategic partnership with Shenghe Resources has fundamentally changed and is no longer in effect, citing the termination of Shenghe's technical involvement in the Kvanefjeld project as a key reason [6]. - ETM plans to apply to the Australian Stock Exchange to formally confirm the termination of the strategic relationship and the lapse of the rights granted to Shenghe [3][6]. Group 3: Shenghe Resources' Response - Shenghe Resources has denied ETM's claims and intends to maintain communication with ETM while exploring legal options to safeguard its rights [1][4]. - The company has assessed that the situation is not expected to have a significant impact on its operations, as its total investment in ETM amounts to approximately 24.35 million RMB, with a fair value increase of about 17.22 million RMB recorded [4]. Group 4: Project Details and Risks - The Kvanefjeld project, which is ETM's flagship, has not yet obtained mining rights and has not commenced substantial production activities, which mitigates potential negative impacts on Shenghe's business [4][5]. - ETM has shifted its strategic focus from a single rare earth project to a diversified portfolio, including lithium exploration projects in Canada and Spain, which has contributed to the termination of the partnership with Shenghe [6].