Rare earth minerals prices skyrocket as China further cuts export quotas

BEIJING, June 23 (UPI) -- China has doubled or tripled the prices of some rare earth metals, raising concerns about global supplies of the 17 elements, crucial for green energy and high-tech components.

 

Just in the last three weeks europium oxide, used in the manufacturing of energy-saving light bulbs, plasma TVs and smartphones has nearly tripled in price from about $1,260 a kilogram to $3,400, The Guardian newspaper reports.

 

And dysprosium oxide, used for neodymium-iron-boron magnets found in wind turbines and computer hard drives, has doubled from about $720 a kilogram to $1,470.

 

Already, Beijing cut its export quotas on rare earths by 72 percent in the second half of last year, reducing them further by 35 percent in the first half of 2011.

 

The latest price hike followed an announcement by the Chinese government that it was closing 35 small mines in Inner Mongolia as part of a clampdown on illegal mining. More closures are expected, fueling fears that there will be more export quotas.

 

China has maintained that it has adopted strict exploration and export regulations after rampant exploration caused heavy environmental pollution.

 

But experts have said that China began stockpiling rare earths in 2010, and the scheme could eventually store up to 200,000 tons of the elements, almost twice the country's annual production. Furthermore, they say China's tactic of restricting supply is a ploy to force Western manufacturers to move production, along with their technological secrets, to China to gain access to rare earths.

While China has about one-third of global rare earth deposits, it produces about 95 percent of the world's supply.

 

China's previous policy of low pricing for the minerals "has killed the rest of the world's ability" to produce rare-earths, said John Kaiser, a mining expert and rare earths specialist in California, the United Kingdom's Daily Mail newspaper reports. Mines in other countries couldn't have competed price-wise or with China's lax environmental and safety laws.

 

'If China was the only place in the world that rare earths existed, there would be a war. There is no immediate crisis, but a looming crisis that needs to be dealt with," Kaiser said.

 

'It's the long term that manufacturers need to worry about," said Kaiser. "Toyota, for example, does not have a long-term guarantee of supply. If it wants to plan for the future and pump out millions of electric cars, it needs to invest in a guaranteed supply."

 

But Mike O'Driscoll, editor of Industrial Minerals, said most experts are predicting a crisis point will be reached in 2014 and 2015.



Read more: http://www.upi.com

 


Views: 177

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
54 minutes ago
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
14 hours ago
Doc Vega's 7 blog posts were featured
yesterday
tjdavis's 2 blog posts were featured
yesterday
Less Prone favorited tjdavis's blog post Track AIPAC
yesterday
FREEDOMROX's blog post was featured

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
yesterday
Less Prone favorited FREEDOMROX's blog post MRNA VACCINES: Question
yesterday
cheeki kea commented on cheeki kea's photo
Saturday
cheeki kea posted a photo
Saturday
Doc Vega posted blog posts
Friday
Doc Vega commented on Doc Vega's blog post Marjory Taylor Green Proposes Bill Abolishing Geoengineering or Weather Modification
"cheeki kea Marjory is in a daily battle with Democrats on the hill constantly coming up with more…"
Friday
Doc Vega posted blog posts
Wednesday
Mr. Sizzle favorited Less Prone's video
Jul 15
tjdavis posted a photo
Jul 15
Doc Vega posted a blog post

The Saga of Joe Adams May Have Solved What's Behind the Numerous Disappearances Going on in our National Forests

     The year is 2023 in September. A nature’s photographer and experienced survivalist, Joe Adams…See More
Jul 14
Sandy posted a video

Aron Siri's opening statement, Senate Hearing on Covid Vaccines, May 25

Opening statement Aaron Siri, Managing Partner, Siri & Glimstad, L.L.P.Senate Homeland Security and Governmental Affairs, Permanent Subcommittee on Investiga...
Jul 14
cheeki kea replied to cheeki kea's discussion Tartaria
"A smidgeon of facts have come to light. In English a misspelling suddenly occurred where an extra R…"
Jul 14
Doc Vega posted a blog post

The Cancel Culture Vulture

  Better to shut them down than hear their point of viewCancel culture coming after youHelping to…See More
Jul 12
Doc Vega posted a photo
Jul 11
Doc Vega posted a blog post

The Fingerprint

The Fingerprint On a dance with the unpredictability of the signals you sendA solemn pact with my…See More
Jul 11

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted