- CNTV English - CCTV News

China to abandon large scale mining of rare earth

03-21-2012 08:13 BJT Special Report:Rare earth restriction |

Watch Video

Play Video

A two-day seminar on raw materials wrapped up in Xiamen on Tuesday. During the event, China's Vice Minister of Industry and Information Technology announced the country would be taking a new, more sustainable stance towards the exploitation of rare earth.

China will abandon large scale mining of rare earth in order to promote sustainability and avoid resource wastage. That’s according to Su Bo, China’s Vice Minister of Industry and IT, speaking at an industry seminar in Xiamen.

The statement comes at a critical time for the rare earth industry, following the filing of a joint WTO complaint by the U.S, EU and Japan. Unsurprisingly, the Vice Minister says China objects to the dispute - and that its export quota for rare earth is set with regard to environmental factors and the path to sustainable growth.

Rare earth minerals are critical to the high-tech industry, used in everything from missile systems to smartphones to electric cars. But the Vice Minister says, it’s the market - and not the government - that determines pricing for the coveted minerals.

Su Bo said: "We have never asked any company to set the price we want. Prices of over 97 percent of our rare earth products are market oriented."

Su Bo also warned, the over-exploitation of rare earth has taken a toll on the local environment - and that the environmental costs far exceed the profits of rare earth.

Su said: "Rational exploitation of rare earth should meet environmental standards, and follow a sustainable growth path, not large-scale mining activities. Improper exploitation will also undermine the value of rare earth. "

To curb undesirable mining activities, China suspended the issuance of new licenses for the sector’s prospecting and mining, imposed production caps and export quotas, and announced tougher environment standards for rare earth production. The country produces more than 95 percent of global rare earth supplies, with reserves that account for around 36 percent of the world’s total.


Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program