• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 8 hours Satellite Moons to Replace Streetlamps?!
  • 1 hour U.S. Shale Oil Debt: Deep the Denial
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 4 hours The Dirt on Clean Electric Cars
  • 2 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 8 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 20 hours The end of "King Coal" in the Wales
Oil Prices Subdued, But For How Long?

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

China Opens Up Unlimited Rare Earth Exports

China has scrapped its controversial quotas on rare earths exports and is likely to replace them with a resources tax, eliminating a policy that sparked a global trade dispute and led some countries to reduce their reliance on Chinese supplies.

The long-awaited policy change, announced by the Ministry of Commerce on Dec.31, comes after Beijing lost a World Trade Organization (WTO) case, as the body ruled that the nation had failed to show the export quotas were justified.

Beijing imposed the restrictions in 2009 while it tried to develop its own industry for the 17 minerals, which are crucial to making a wide range of high tech devices, from smart phones to electric cars.

Related: Pentagon Says Rare Earth Elements Less at Risk

The U.S. issued a formal complaint in March 2012, which was backed by several nations, including Brazil, Canada, Japan, Argentina, Russia and Australia, as well as all members of the European Union.

Baotou City: Epicentre of China's rare earth industry.

Baotou City: Epicentre of China's rare earth industry.

It is estimated that world’s second-largest economy is responsible for about 93% of global rare earth output, despite only having a third of the world's deposits.

Related: Chinese Rare Earth Mining Monopoly Threatens US Defense Technology

China exported 24,866 metric tons of rare earths in the first 11 months of last year, well below its 2014 quota of 30,611 tons, according to The Wall Street Journal. Exports totalled 22,493 tons in 2013, significantly lower than the ministry’s 30,996-ton quota.

Under the new guidelines, rare earths will still require an export license but there will no longer be a limit to the amount that can be sold abroad.

Last month, China’s top producer of light earth metals, Baogang Rare Earth Group (BREG) became a dominant global player after merging with five smaller companies. Other major firms, Aluminum Corporation of China and Xiamen Tungsten Co. Ltd, are also expected to complete a merger this year.

By Cecilia Jamasmie

Source - http://www.mining.com/  

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News