Lula's election win dashes US hopes of quick access to Brazil's rare earths

RIO DE JANEIRO, Nov 5 (Reuters) – The reelection of leftist Luiz Inacio Lula da Silva as Brazil’s president will likely dash US President Donald Trump’s hopes of securing fast access to the world’s second-largest rare earth reserves.

A victory last month for ​Lula’s challenger Flavio Bolsonaro — whose family is close to Trump — could have sped up US investment in Brazil’s mineral wealth, helping Washington in its race with China for the raw key to modern manufacturing.

Full coverageLula Wins Re-election in Brazil as Flávio Bolsonaro Challenges Result6 reports

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Instead, Lula’s government plans new regulations for the sector to be set out by the new National Council for the Industrialization of Critical and Strategic Minerals (CIMCE), three council members told Reuters ahead of its first meeting on Thursday. Lula is set to attend.