BEIJING (Scrap Monster): China, the largest producer of rare earth metals, is on its efforts to boost its rare earth reserves, according to an official in the rare earth division of the Ministry of Industry and Information Technology.
China is spending billions of yuan buying domestically mined rare earths to build up its national strategic reserves, according to official.
Shi Yaoqiang, an official in the rare earth division said while speaking on the sidelines of a national conference on supervising rare earth development, that "China has adopted various ways of collecting rare earths, such as building strategic reserves and purchasing rare earths for national storage."
China plans to launch its first rare earth trading platform in the month of August 2012.
China established 11 state-managed rare earth mining zones in Ganzhou, Jiangxi province which is an area of 2,500 square kilometers rich in heavy rare earth resources in 2011.
China provides more than 90 percent of world supplies. Domestic reserves totaled 18.59 million metric tons in 2009.
Since 2007, China has toughened its rare earth production regulations in a bid to minimize the severe environmental impact caused by excessive exploitation.
Rare earths cover a group of 17 elements, including scandium and yttrium, which are key components for modern-day technologies such as hybrid electric vehicles, liquid crystal display and other high-tech products.
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