MW: China moves to consolidate rare-earths industry
By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) — China plans to consolidate 80% of industrial rare-earth production among the three biggest companies in the sector during the next one to two years, the State Council said in a statement on Thursday.
Going with more of a centralized structure will help maintain sustainable development of resources while limiting damage to the environment and curbing mining operations done illegally, the cabinet said.
The State Council also urged improved oversight of mining rare earths as well as closer monitoring to ensure compliance with environmental standards.
In a related development, the Ministry of Commerce said it would impose new export quotas on iron alloys containing more than 10% rare earths, according to a report Thursday by Dow Jones Newswires.
