• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 6 mins Coal Boom in Asia is Real and a Long Trend
  • 3 mins The Plastics Problem
  • 11 hours China's President Xi To Visit North Korea This Week
  • 3 hours GM Considering Electric Hummer
  • 20 mins Hydrogen FTW... Some Day
  • 14 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 17 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 13 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 7 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 19 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 37 mins The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 17 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 15 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 10 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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