Critical Metals

The fate of rare earth mining companies outside of China could be heavily tied to the country’s efforts to crack down on rare earth smuggling in the country, Reuters reported. According to the news outlet, up to 40,000 tonnes of rare earths were smuggled out of China last year, helping to drive prices down. As …

The fate of rare earth mining companies outside of China could be heavily tied to the country’s efforts to crack down on rare earth smuggling in the country, Reuters reported. According to the news outlet, up to 40,000 tonnes of rare earths were smuggled out of China last year, helping to drive prices down.
As quoted in the publication:

Customs police in the eastern Chinese port of Qingdao last month arrested five traders following a nine-month investigation into a rare earth and ferromolybdenum smuggling ring worth nearly $18 million.
That was no one-off. Chinese authorities have been struggling since 2010 to smash an illegal supply chain in which rogue miners deliver ores to unauthorized separation facilities, with the finished products then disguised and shipped abroad.
“Traders go through all kinds of channels and make false product declarations at customs – marking it as alumina or even washing powder,” said Chen Zhanheng, vice-secretary general of the Association of China Rare Earth Industry.

Click here to read the full Reuters article.

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