China Rare Earth Stocks Advance on Development Plan

Bloomerberg reports that rare-earth companies in China rose in Shanghai and Shenzhen trading after the government announced plans to further develop the industry.

The market news is quoted as saying:

Premier Wen Jiabao said yesterday China will promote new technology in the industry and accelerate the pace of mergers and acquisitions among rare-earth producers under a five-year plan. The country controls more than 95 percent of the world’s supply of rare earths, a group of 17 chemically similar elements used in hybrid cars, iPods and weapons.

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