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Mkango Resources Ltd. (TSX-V: MKA) is a Canadian mineral exploration and development company focused on rare earth elements and associated minerals in the Republic of Malawi. It holds a 100% interest in two exclusive prospecting licenses covering a combined area of 1,751 km² in southern Malawi. The Company's primary focus is the...
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China to retain tight grip on rare earth deposits, white paper indicates
June 20 2012, 11:35am
China intends to keep a vice-like grip on its rare earths resources, its first ever white paper on the sector indicated today.
Rare earths are a group of 17 metals used increasingly in high tech products such as electric car batteries, smartphones and wind turbines.
China currently accounts for more than 90 per cent of the world's rare earth supplies, but has just 23 per cent of global reserves and said depletion of its reserves has accelerated after fifty years of “excessive exploitation”.
It recently slapped an export quota on rare earths to stop what it says is excessive mining, most of which is carried out illegally.
The white paper points to further tightening of the regulations governing the mining, smelting and separating of rare earths.
There will be also be a clamp down on illegal mining and smuggling and a push for mergers and reorganisation to develop large-scale, highly efficient, and clean production enterprises.
Gao Yunhu, an official with Ministry of Industry and Information Technology, said that China's intensified regulations are intended to protect the environment, preserve valuable resources and promote the sustainable development of the sector.
The policy statement added it will continue to follow WTO rules, strengthen the industry's management and supply rare earth products to the global market.
The US, Japan and the European Union have already complained to the World Trade Organisation over the recent imposition of quotas.
Today China urged “other countries to actively develop their domestic rare earth resources, as well as expand and diversify supplies for the international market,"
There are about 400 companies exploring for rare earths outside of China.
Earlier today, AIM-listed Rare Earths Global (LON:REG) secured a US$50 million loan facility with the investment bank Credit Suisse to further development of its heavy rare earth elements business and will use the cash to increase production from its Sanxie plant in China.
The company is one of the few foreign-owned firms to have a licence from the Chinese government to export rare earth minerals.
Heavy rare earths are worth considerably more than the lighter rare earth metals.
Will Dawes, chief executive of Malawi–focused rare earths explorer Mkango Resources (CVE:MKA) told Proactive recently: “Light rare earths range from tens of dollars per kilogram whilst heavy rare earths range up to thousands of dollars per kilos.”
