CNOOC wanted to buy Mountain Pass. It bought Western Potash. David Hodge is in both boards, Commerce and Western, interesting! Hattip Ben
China's REE Market Dominance
The Chinese have come to dominate the REE market through calculated long-term planning.
The implications of this dominance continue to be overlooked as REE prices are low, reported supply exceeds demand, and foreigners can access the REEs they need.
These points are temporary and serve to minimize the extent to which REE-market dominance can be used as an economic weapon.
As a result of this confluence of factors, the REE space remains among the best contrarian trades out there...
However, the Chinese were also interested in securing positions in REE companies with major deposits outside of China. In 2005, the China National Offshore Oil Company (CNOOC) placed a bid for Unocal, which held Mountain Pass at the time. The above-cited National Institute of Advanced Studies report on China's REE market dominance claims that the real goal was to acquire Mountain Pass and that Unocal's other assets were not the main target. Given China's voracious appetite for oil, this probably isn't the case, especially considering that Mountain Pass was worth only a small fraction of the $18.5 billion price tag, and considering that Unocal had Asian oil assets. Given Mountain Pass's size and potential to supply the REE market, we cannot rule out that Ucocal's ownership of Mountain Pass was a deciding factor...
seekingalpha.com/article/...chinas-ree-market-dominance?page=3
Vancouver, June 20th, 2013 – Western Potash Corp. is pleased to confirm that the previously announced strategic investment by China BlueChemical Ltd., (“China Blue”) and Benewood Holdings Corporation (“Benewood”), through a joint venture company, CBC (Canada) Holding Corp. (“CBCHC”), has been completed (the “Transaction”)...China Blue is a majority owned subsidiary of China National Offshore Oil Corporation (“CNOOC”)...
See more at: www.westernpotash.com/news/...-investment#sthash.msXdwgBP.dpuf
The election of...David Hodge,...to the Board...
See more at: www.westernpotash.com/news/...m-results-0#sthash.NZbEL4Lk.dpuf
David Hodge, Chief Executive Officer, Director of Commerce Resources
www.commerceresources.com/en/corporate/our-team