Dec. 29 -- China Chamber of Commerce for Metals, Mineral and Chemicals Importers and Exporters (CCCMC) calls on more countries with rare earth resources to take part in the exploration of the rare-earth elements and make global supplies more diversified, the China Securities Journal reported Tuesday. Xu Xu, chairman of CCCMC, said the commerce chamber, representing China's rare earth industry, hopes to use the nation's advanced technology in rare earth separation and smelting to cooperate with other countries in exploiting their rare earth resources.
China's Ministry of Finance said on Dec 14 taxes will be increased on rare earth exports starting next year. And the Ministry of Commerce is still working with government departments to determine export quotas of rare earths for 2011.
Rare earth, a group of 17 minerals, are a vital component in most of the world's new technologies and are used in high-tech processes ranging from wind turbines and hybrid cars to missiles. China has about 30 percent of global rare earth reserves, but produces about 90 percent of the world's total.
China cut its rare earth exploration, production and exports due to the government's efforts to promote sustainable development and protect the environment.