China to Further Regulate Rare Earth Exploitation

BEIJING, July 16 -- The Ministry of Land and Resources Wednesday ordered local governments to report the current mining situation in rare earth and other mineral resources and draft plans for future exploitation, as a further step to regulate the rare earth industry, Beijing Business Today reported.

The new move, following the ministry's effort to regulate mining orders in May, showed authorities are making preparations for unifying rare earth prices in the future and the mining plans will be used as part of the government's controlling measures.

Earlier reports said China will adopt a uniform pricing system for rare earth in the provinces of Jiangxi, Fujian, Guangdong and Hunan and Guangxi Zhuang autonomous region to stabilize the mineral's prices and prevent over-exploitation.