Molycorp announced plans for an accelerated start-up of its new Mountain Pass processing plant, while Lynas suffers a setback in its quest for an import license from the Malaysian government.
As China halts production at 3 mines and the EU is revealed to be stockpiling rare earths, analysts expect more of the same for Q4 of 2011 – high prices and tight supply.
Mineweb reported that Uzbekistan and South Korea have agreed to explore rare earths in Uzbekistan and increase exports to South Korea.
Canadian companies make a strong showing in Gareth Hatch’s new REE report – “Critical Rare Earths”.
China’s monopoly on the rare earth trade is exposing a vulnerability in the US military’s supply chain.
The Voice of Russia reported that Russia intends to become a bigger player in the rare earths market.
Solar Novus Today reported that a new agreement between Rare Earth Solar and NUtech Ventures (PINK:NTCI) will use rare earths in solar cells.
Toyota is currently developing the RAV4 EV, a pure electric plug-in vehicle. This is the first step for Toyota to move away from rare earth based motors used in the Prius.
The Market Shares Rare Earth/Strategic Metal ETF has outperformed a basket of rare earth mining stock. However, the fund is more than a pure rare earth investment. Since trading started in late October 2010, the fund is up 31 per cent and is outperforming many of Van Eck’s other ETFs.
Another major development furthers China’s grip on the rare earth market. The creation of a rare earth exchange in Inner Mongolia gives Chinese rare earth producers more leverage in price negotiations. Chinese officials also stated publicly their desire to consolidate rare earth mining firms.
Monday, October 31, 2011