China to cut crucial rare earths export quotas

[FreakinDJ]

Source: Assocoated Press

China to cut crucial rare earths export quotas

BEIJING (AP) -- China said it is reducing the amount of rare earths it will export for the first half of the year by more than 10 percent -- likely to be an unpopular move worldwide since the minerals are vital to the manufacture of high-tech products.

China accounts for 97 percent of the global production of rare earths, which are essential to devices as varied as cell phones, computer drives and hybrid cars. Countries were alarmed when Beijing blocked shipments of the minerals to Japan earlier this year amid a dispute over islands claimed by both countries.

Concerns over China's grip on rare earths has led countries on a hunt for alternative sources. A number of companies in North America -- notably Molycorp Inc. in the U.S. and Thompson Creek Metals Co. in Canada -- are hurrying to open or reopen rare earth mines. Two Australian companies are also preparing to mine rare earths.

China has been reducing export quotas of rare earths over the past several years to cope with growing demand at home. A Commerce Ministry spokesman has also said that China is cutting its exploration, production and exports out of environmental concerns.

Read more: http://finance.yahoo.com/news/China-to-cut-crucial-rare-apf-2574493440.html?x=0

[Heywood J]

1. And now we see another side effect of dependence on China.

They'll cut us off the teat as soon as domestic considerations allow.

[keopeli]

2. ...said that China is cutting its exploration, production and exports out of environmental concerns.

Riiiight.

They're such environmentalists, those communists.

I don't have a problem with communists, but they've shown no history of being environmentally progressive (compared to anyone but the US).

So what ARE they doing with the rare earths they're mining? Saving up for a 'rainy day?'

[DCKit]

5. They haven't shown any history of being communists, either...

or the wealth wouldn't be even more concentrated in the hands of the few than it is here.

That said, this is probably the best thing they could do FOR us - force us off our dependence on resources they control.

As with oil, our dependence on China for rare earths and cheap goods is a national security issue.

[Bigmack]

6. Would that they were Communists....

they would be as fucked up as under Mao. Now... well, now they're just eating our lunch. Their capitalists can whip the shit out of our lame, bailed out, living-in-a-dream-world banksters and brokesters.

In the game between our capitalist losers vs. their cold/hard/up-from-communist-nothing capitalists.... well, we can just hope they don't run up the score too bad.

[108]

3. i can see war looming with China in the future ;)

[sirthomas66]

4. If its too far in the future, they will clean our clock.