China is using government funds to stockpile rare earth minerals amid concerns its reserves are running low, a state newspaper has reported.
According to the China Securities Journal the stockpiling is already well underway, and most likely began well before the country published a white paper on 20 June announcing the extent of its dwindling supplies and suggesting it would build a strategic reserve. Government revenue will be used to supplement the companies that help secure the resources and eleven mining zones have been allocated to the long-term project.
Though China has dominated the rare earth mining industry for decades -- producing up to 97 percent of the world's output and pricing others out in the process -- the June white paper implored other countries to begin mining for the elements, which are essential to the production of a whole range of technologies, from iPods to lasers.
By: Liat Clark, Edited by: Olivia Solon
Continue reading...Source: http://www.wired.co.uk/news/archive/2012-07/05/china-stockpiles-rare-earth
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