Friday, September 14, 2012

China To Reduce Rare Earth Mining Permits By 40 Percent

According to MIT, China controls 97
percent of Rare Earth production
CHINA (CD) -- In its latest effort to curb excessive mining, the Ministry of Land and Resources, a major regulator of China's rare earth industry, cut its issuance of mining permits for the industry. On 13 September 2012,  the ministry issued a statement that it reduced the number of Rare earth mining permits from 113 to 67, or 40 percent less. Ganzhou Rare Earth Mineral Industry Co Ltd, a major conglomerate of rare earth miners, saw its number of permits reduced by half, from 88 to 44.  A white paper released by the Chinese State Council last month said that the amount of rare earth metals exported from China in 2011 was 2.2 times higher than the official amount recorded by Chinese Customs. Source: Rare earth mining permits reduced by 40% (Reliability: Medium)

Comment: Industry experts say the reduction of permits is unlikely to effect actual mining production as illegal mining operations are prevalent in the industry.

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