CHINA NEWS - In a recent decision by the Chinese government, it has been declared to cut the export of rare earth minerals by 10% in 2011. China is the biggest exporter of rare earth minerals and many manufacturers from all over the world are largely dependent on it for these minerals for the producing electronic goods such as TVs and PC monitors.
It is reported that China has taken 97% market share of the world's known supply of the goods, whereas the Us mined none last year.
Rare earth minerals are essential to manufacture electronic devices and other semiconductor appliance. These are the collection of seventeen chemical elements in the periodic table: scandium, yttrium, and some fifteen lanthanides.
Second to China there are two Australian organizations, which are about to mine rare earth minerals, acquiring more than 10% on the news.
Australia's Lynas Corp is the richest known deposit of minerals has gained momentous growth in last year with 10.8%, while another Australian company Arafura rose 11.1%.
The US expressed its concern about China's stiff decision to restraints on rare earth materials, antimony and tungsten, and probably could file a case against the country at the World Trade Organization.
In Septemberr, China stopped exporting minerals to Japan after a friction over a territorial dispute, but later resumed the export.
China has been cut export of rare earth minerals over past several years because of its large domestic demand.
A Commerce Ministry spokesman has also said that due to environmental concern, China is contemplating to cut down its supply side too, reining in exploration, production and exports.China Will Cut Exports Of Rare Earth Minerals
December 30, 2010 | 0
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