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Beijing's move is expected to shrink global supply of minerals used in many high-tech products.
China has announced a reduction in its export quota for rare earth minerals, further shrinking global supplies of metals used in a wide range of high-tech products.
The Chinese commerce ministry said on Tuesday it will cut down export of the minerals by more than 11 per cent in the first half of next year.
Beijing says its curbs are for environmental reasons and to guarantee supplies to domestic industrial consumers.
In a short statement on its website, the commerce ministry said it had added more producer companies to the quota list, but had cut volumes allocated to trading companies.
The new numbers say China is allocating 13,105 tonnes of rare earths among 31 companies, down from 14,790 tonnes allocated among 22 companies in the first batch of quotas this year.
China, which produces about 97 per cent of the world's supply of rare earth elements, slashed its quota by 40 per cent in 2010.
Originally posted by thoughtsfull
One of the EU wide projects I worked on as PM was the EU WEEE (Waste electrical) recycling.. the whole process has nothing to do with recycling but in reclaiming all the rare earths contained within end of life high tech products.
Consider the volume of crap that China has put on Western markets and the volume of rare earths they contain and then consider how peeved China is that we in the West can undercut them with their own resources, is it any wonder they have responded in this way!
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