China to Streamline Rare-Earth Industry

Bloomberg reports that  the state-run Xinhua News Agency, citing Premier Wen Jiabao, announced that China will streamline its rare earth industry over the next five years.

The market news is quoted as saying:

China will take “stricter” measures to control mining of rare earths and lift environmental standards, while continuing to cap production and exports with the quota system, Xinhua said, citing Wen.

China will promote new technology in the industry as well as mergers and acquisitions among companies, Xinhua cited Wen as saying. Wen made the speech at a State Council meeting today.

New regulations will be issued to strengthen management in the rare earth industry and control the scale of mines, China Securities Journal reported today, citing an unidentified person.

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