Lynas Says Scrapping of Rare Earth Export Tax by China will Boost Demand

Mining.com reported that Australia’s Lynas Corp. said that China’s decision to eliminate its export tariffs on rare earths and other metals may boost the stagnant demand for the products.

As quoted in the market news,

China, the top producer and consumer of rare earths, imposed the restrictions in 2009 while it tried to develop its own industry for the 17 minerals, which are crucial to making a wide range of high tech devices, from smart phones to electric cars.

It is estimated that China is responsible for about 93% of global rare earth output, despite only having a third of the world’s deposits.

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