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Iluka Resources boss Tom O’Leary says China’s near monopoly in rare earths poses a clear threat to Western nations as his company readies to play a key role in creating an Australian critical minerals strategic reserve.

Meanwhile, business tycoon Andrew Roberts will end his involvement in the construction sector with the sale of the NSW operation of the ­Roberts Co to Middle Eastern company Arada. It follows the collapse of the Victorian arm into administration owing about $272m.

And Australia’s top fund manager Steve Johnson says there is plenty of money to be made at the smaller end of the sharemarket , as he called out potential opportunities in the beaten-down payments sector.