China Vows to Maintain Rare Mineral Supply

Before you go, we thought you'd like these...
Before you go close icon
China vowed it would maintain the supply of rare minerals and said it may boost 2011 exports of the substances.

The Chinese Commerce Ministry denied reports that it would further reduce export quotas.

"China will continue to supply rare earth to the world," the ministry said in a fax to Bloomberg News.

Sponsored Links
The minerals are used in products such as electronics, wind turbines and smart bombs. China accounts for more than 90% of world production.

The country spurred international trade tension when it cut its export quota for the second half of this year by 72%.

The Chinese government said it was simply trying to restrict environmental damage and stimulate value-added industries.

"To protect exhaustible resources and ensure sustainable development, China will continue to implement restrictions on the mining, production and export of rare earth," the Commerce Ministry said.

Read Full Story


S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 12,064.27 24.59 0.20%
NIKKEI 225 19,050.12 -212.41 -1.10%
HANG SENG 24,358.27 0.00 0.00%
USD (per EUR) 1.08 0.00 -0.03%
USD (per CHF) 0.99 0.00 0.02%
JPY (per USD) 110.40 -0.15 -0.14%
GBP (per USD) 1.25 0.00 0.01%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners