New details about the ‘drastic’ changes to Chinese rare earth policy have been released. Dealing with increased environmental protections, the end effect may be the consolidation of rare earth producers in China. Also, South Korea intends to build strategic stockpiles of rare earths, as well as increasing the countries investments in rare earth mines around the world.
Valencia Ventures Inc. (CVE:VVI) decides to terminate the agreements to acquire OntarioCo's interests in the Diana Project and the Carb Lake, Schryburt Lake and Lawashi River Properties.
Nikkei reports that on Thursday, a team of researchers, primarily from Toda Kogyo Corp. (TYO:4100) and Tohoku University, succeeded in making a magnetic material without rare-earth metals.
Great Western Minerals Group Ltd. (CVE:GWG) reports that the company has completed the purchase of 92.6% of the shares of Rare Earth Extraction Co. Limited.
Bloomberg reports that Japan’s government and more than 100 companies intend to spend 110 billion yen ($1.3 billion) on facilities to reduce the country's reliance on rare earth imports.
Associated Press reports that a consortium of Japanese and South Korean companies intend to take a $1.95 billion stake in a Brazilian rare earth mining firm.
Russia is home to the second largest deposits of rare earth elements in the world, yetthe nation produces almost no rare earth. Two Japanese companies are looking to deposits in Russia as a saving grace for new supply. Also former Soviet satellites have deposits of their own and Germany and other western companies are looking to cash in.
Reuters reports that as Tokyo seeks to reduce reliance on receiving rare metals from China, the Japanese government aims to cut rare earth usage by 10,000 tonnes per year within a few years, a trade ministry official said on Friday,
Denver-based Geovic Mining Corp. has staked more than 50 20-acre claims in the hope of finding sources of zirconium and rare earth minerals in New Mexico's Otero Mesa but environmental groups are concerned.
Business Insider reports that JPMorgan has upgraded shares of rare earth specialist Molycorp (NYSE:MCP), and raised its price target from $36 to $65.
Get our independent commentary on rare earth trends and companies delivered to your inbox.
