Rare Element soars on Sumitomo-Molycorp report

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Reuters Canada reports that shares of Rare Element Resources (CVE:RES) jumped more than 13 percent on Monday.

Reuters Canada reports that shares of Rare Element Resources (TSXV:RES) jumped more than 13 percent on Monday.

The market news is quoted as saying:

Rare Element’s flagship project is Bear Lodge in Wyoming. It boasts a high grade of total rare earths and a good distribution of dysprosium and neodymium, which are used in the motors of electric and hybrid cars

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