Rare Earth News
Tighter controls on rare earth elements to be seen in China
More controls have been imposed on rare earth metal mines in China by the country's Ministry of Land and Resources, limiting the export of the vital minerals that are used in many high-tech gadgets, according to The Associated Press. China says the exports are for the "sustainable and healthy development" of the country.
Vice minister Wang Min recently described rare earth elements as the "vitamins" of industry in the 21st century, and released a statement on the ministry's website that called for tighter controls over mining, processing and sales of the metals.
The crackdown is to focus on the Inner Mongolia, Shandong and Sichuan regions of the country, with officials from all three areas expected to comply with the new controls, according to the AP.
Although China produces more than 95 percent of the world's rare earths, it only contains about 30 percent of the total supply. Rare earth mining operations have sprung up around the world due to the country's new controls, which have sent prices soaring.
According to the SmallCap Network, Canada may be home to one of the largest undeveloped rare earth deposits in the world, with many mining operations underway from Quebec to British Columbia.