China Group Says Has to Restrict Rare-Earth Exports
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China, which produces more than 90 percent of the world’s rare earth metals, needs to control exports of the minerals to protect natural resources and cut pollution, said the Chinese Society of Rare Earths.
Rare-earth prices have surged as much as sevenfold as China in July reduced its second-half export quota by 72 percent to ensure domestic supply of the mineral used in laptops, missile-guidance systems and hybrid cars. The cuts have spurred companies including Glencore International AG and Molycorp Inc. to plan to restart and develop mines outside of China.