Beijing aims to quell fears over tightening of rare-earth exports. By CHUIN-WEI YAP / THE WALL STREET JOURNAL ASIA
BEIJING -- China's moves to tighten control on the mining and export of a class of metal ores called rare earth are aimed at attracting high-tech manufacturing to Inner Mongolia, and not at dominating the market, a senior Chinese official said.
Wednesday's comments by Zhao Shuanglin, vice chairman of Inner Mongolia Autonomous Region, appear aimed at quelling concerns that China is trying to dominate the global market for rare-earth resources, used in some environmentally friendly technologies. Rare-earth metals greatly improve batteries made for hybrid cars.
China produces more than 90% of the world's output of the metals. Recent steps by Beijing toward tightening export restrictions have sparked concern in other countries. ( continued ) "It will certainly highlight to the world that these metals are strategic," said Rod McIllree, managing director, Greenland Minerals & Energy Ltd., an exploration and development company. While not commenting directly on Mr. Zhao's remarks, Mr. McIllree said "If the supply is stopped, production outside of China is effectively finished." ( continued ) http://online.wsj.com/article/SB125191933665780631.html
Also info on HC's GREEN ENERGY Forum Code - GREENE thread ' rare earth rush sparked by green-tech boom ' + list of ASX companies with REE conection. TomBaker most welcome ( becauce i know how much he'd love it :)
GGG Price at posting:
65.0¢ Sentiment: None Disclosure: Not Held
