State Council calls for consolidation of rare earth industry
Shanghai. May 20. INTERFAX-CHINA - China's State Council announced May 19 that consolidation of the domestic rare earths industry will be completed within two years.
China will introduce regulations within the next one to two years in order to guard against illegal or excessive mining and exports and environmental degradation, and to promote the sustained development of the industry, the announcement said.
Government plans call for three heavy rare earth companies to occupy an 80 percent market share.
Primary rare earth export quotas will also be tightened, according to the announcement.
The General Administration of Customs (GAC) and the Ministry of Commerce (MOFCOM), meanwhile, announced in a joint statement on May 19 that they will issue new export quotas for rare earth ferralloys containing a rare earth grading of more than 10 percent. The new regulations will come into effect May 20.
- KHM