Wrong forecast: China will reduce 30% of rare earth exports quota in 2011

(China Aluminium Network) October 20,2010, Stakeholders from Ministry of Commerce clarified and said the report was inaccurate—China would reduce not more than 30% of the export quota of rare earth. 

China Daily reported Tuesday, till the end of 2009, China's reserves of rare-earth was only 27,000,000 tons. In terms of current production rate, China's medium and heavy class reserves of rare earth just can keep 15 years to 20 years. It is possible China will turn to imports of rare earth in the future. In view of this, China is facing the risk of over-exploration of rare earth, and begins to realize the importance of rare earth resources.

The report quoted officials of Ministry of Commerce as saying that in the next half year of 2010, China’s export quota of rare earth had been reduced 72%, and China would continue to diminish the quota, but the depth of cuts wouldn’t surpass 30%.

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