The Ministry of Industry and Information Technology (MIIT) and the Ministry of Natural Resources have issued a notice to China Rare Earth and China Northern Rare Earth, setting the total control quotas for the second batch of rare earth mining and smelting & separation in 2024 at 135,000 mt and 127,000 mt, respectively. The total control quotas for the first two batches of rare earth mining and smelting & separation in 2024 are 270,000 mt and 254,000 mt, respectively.
According to SMM statistics, three batches of rare earth mining quotas were issued in 2023, including 236,000 mt of rock-type rare earth and 19,000 mt of ion-absorbed type rare earth, totaling 255,000 mt, up 21% YoY. The total of the two batches of rare earth mining quotas in 2024 is 270,000 mt, up about 6% YoY. Among them, rock-type rare earth is 251,000 mt, up about 6% YoY; ion-absorbed type rare earth remains at 19,000 mt, unchanged YoY.
From the above data, it can be seen that the increase in rare earth mining quotas in 2024 significantly dropped from previous years, which has boosted the confidence of some owners in the market, and holders of rare earth raw materials have held prices more firm.
At the same time, we note that during the issuance of this quota, it was emphasized that the groups must strictly implement the "Rare Earth Management Regulations," and report the implementation of the quotas and the production situation of smelting and separation using imported ores, monazite, and other raw materials. Production data and traceability of rare earth data must be reported to MIIT by the 10th of each month to lay the groundwork for the formal implementation of the "Rare Earth Management Regulations" in October.
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