China to cut exports of rare earth minerals
December 30, 2010 -- Updated 0222 GMT (1022 HKT)
China, which produces 97 percent of rare earths, has reduced exports repeatedly over several years, sending prices higher.
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Beijing, China (FT.COM) -- China will cut rare earth exports next year, a move that heightens global concerns over the country's near-monopoly on production of the minerals.
The commerce ministry set a quota of 14,446 tonnes for the first half of 2011 -- much lower than the figure issued for the first half of 2010, 22,282 tonnes, but higher than the quota for the second half, 7,976 tonnes.
The lower quota will tighten the market for rare earths, a group of 17 elements crucial for products from BlackBerry devices and iPhones to wind turbines and guided missiles.
China, which produces 97 percent of rare earths, has reduced exports repeatedly over several years, sending prices higher and prompting a rush of investment in mines outside China.
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