SMM, Sept. 7: Indian rare earth exporters protested after the government seized the right to ship the precious elements abroad.
All rare earths are divided into two categories: light rare earth (LRE) and heavy rare earth (HRE).
Just 20 years ago, the Indian government, (GoI), allowed the private sector to enter the beach for sand mining. It has now issued a notice in which the right to export these rare earth metals has been denied.
Instead, GoI introduced a canalization system.
According to Financial KuaiBao, the main purpose of India's rare earth (IRE) export pipeline is to reduce the direct export of beach sand minerals and derivatives such as ilmenite, rutile and zircon from the private sector.
Canalization means quantitative restrictions on exports.
But the move clearly does not have a good relationship with the rare earth miners. The miners said the inspections would reduce sand mining on the beach and deprive India of its developing sector.
The market for rare earths will exceed $20 billion by 2024, according to a new study by Global Market Insights. It is well known that most of the world's rare earth production capacity is in China. However, China has not shown a tendency to share these resources with other countries.
As a result, the focus is on countries such as India and Japan, particularly India, which have considerable reserves.
This area is driven by the demand for magnets in cars, as well as the need for defense and energy generation. Electric cars, for example, rely on some rare earth metals.
Beach sand minerals and their derivatives have a variety of applications in paints and other decorative materials, paper and plastics, as well as high-tech applications. At present, most of India's share of domestic production and exports is done by private sector companies.
GoI informed that the export of beach sand minerals has been carried out by STE and will be managed through IRE. The use of beach sand minerals is allowed anywhere in the export policy and will now be regulated in accordance with the new policy. Another source of anxiety for private companies is that they have invested heavily in capital through technology and production facilities.
According to the report of Financial KuaiBao, beach mineral mining began in India in 1908. In addition, until 1998, other minerals were limited to public sector companies (except garnet), but after that, GoI embarked on a path. Liberalization that allows the private sector to participate.
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