It seems China hasn’t taken notice of the concerns regarding its restrictions of rare earth exports announcing plans to tighten controls and restrict output.
The motives, which China claims are part of regulations to ensure legal mining, were outlined in a five-year development strategy by the Cabinet.
It said in a statement that it would “impose stricter protective mining policies on rare earth resources and protection standards for the environment as well as “set annual rare earth mining and export quotas at reasonable levels, taking into account domestic resources, production and consumption, and the international market.”
It added that the regulations would also help encourage mergers to create more technologically advanced Chinese rare earths producers.
China is the world’s largest supplier of the much coveted materials, which are used for the production of mobile phones, iPads and other technology gadgets. It has a near monopoly of 97 percent of the global supply.
However, it’s not been playing fair with its products.
In November the EU waded into a row over fears of China’s monopoly of the market.
At the time countries were angry over China’s decision to limit the exportation of its rare earths and lower production under the pretence of reducing emissions.
China also decided to play dirty last year after Japan detained a Chinese fishing boat captain. It decided because of this it would temporarily ban exports of rare earths to the country. Although this was later sorted it prompted Japan to fall into the arms of Australia and sign a rare earth deal with the country.
Too much power in the wrong hands we say.