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Report: Noble to focus on LNG, rare earths in restructured portfolio

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Report: Noble to focus on LNG, rare earths in restructured portfolio

Noble Group Holdings Ltd. is expected to focus on liquefied natural gas and rare earths as it revamps its portfolio following the completion of a US$3.45 billion restructuring in December 2018, Reuters reported Aug. 21, citing unnamed sources.

The restructuring ended a tumultuous chapter for Noble which saw its US$6 billion market value in February 2015 wiped out after a report by blogger Iceberg Research later that month questioned the company's accounting.

Noble Holdings has enough credit lines to rebuild its LNG business, the report said, citing an unnamed senior executive of the company that acquired the assets of the under-liquidation Noble Group Ltd.

Noble Holdings reportedly expanded its four-man LNG team in London by hiring a former Origin Energy Ltd. trader in Singapore. The company is also recruiting analysts for base metals and coke, and a sales trader to market energy products in Japan, the sources said.

Rare earths are also expected to be a focus area for Noble Holdings. Through its Talaxis Ltd. subsidiary, it has a small stake in Arafura Resources Ltd., which is developing the Nolans Bore neodymium-praseodymium project in Australia's Northern Territory. The executive said in the report that the company is looking for other opportunities in the sector.

The company declined the newswire's request for comment.