Chinese and Australian Rare Earth Explorers Navigate Controversy
July 26 2011 - 8:16AM
Marketwired
Soaring rare earth prices have been a major headache for hard disk
drive manufacturers, but a blessing for explorers of the seventeen
lanthanides. While Chinese officials deny manipulating rare earth
prices, companies from Australia and North America are stepping up
operations to reduce China's rare earth monopoly. The Bedford
Report examines the Rare Earth Elements Industry and provides stock
research on Lynas Corporation (PINKSHEETS: LYSCF) (ASX: LYC) and
Qiao Xing Universal Resources, Inc. (NASDAQ: XING). Access to the
full company reports can be found at:
www.bedfordreport.com/LYSCF
www.bedfordreport.com/XING
China's Ministry of Industry and Information Technology (MIIT)
claims that the allegations of manipulating prices of rare earth
metals are a misunderstanding and argue that prices are justified
considering the huge environmental impact over it. Last year China
announced a five-month crackdown on illegal mining in order to
protect the environment and its resources. This campaign was
concentrated in the south where mines are commonly small, rural,
and illegal operations particularly prone to release toxic wastes
into the general water supply.
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The environmental impact of Rare Earth exploration in processing
is a hotly contested issue. This year Lynas Corporation was
finishing its $230 million rare earth refinery on the northern
outskirts of Malaysia's industrial port of Kuantan. Despite an
initial flurry of optimism, media reports suggested that the plant
could be delayed by one to two years due to heavy protesting in
Malaysia and Sydney.
Earlier this month Lynas said it will spend up to $US210 million
on the second phase of construction on a planned refinery plant in
Kuantan. The plant is being built to process "slightly radioactive"
ore concentrate from Lynas's rare earths deposit at Mount Weld in
Western Australia.
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