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China limits metal exports to boost price

Pelma Trile, vice-chairman of the Tibet autonomous region, takes questions from reporters after a press conference. Five vice-chairmen from the country's five autonomous regions held the joint press conference yesterday in Beijing to talk about the regions' achievements since the founding of New China.

The Inner Mongolia autonomous region is conserving reserves of rare earth metals, limiting exports and revamping the industry to prop up slumping prices and attract more investment, an official said Wednesday.

Rare earth metals, a collection of 17 different chemical elements, are used in superconductors, hybrid cars and other high-tech devices.

China now produces 95 percent of the world's rare earth metals, with 75 percent of that coming from Inner Mongolia, AP reported Wednesday.

Production at high-quality ore mines will be limited to avoid over-exploitation and protect the resources, Zhao Shuanglian, vice-chairman of the autonomous region, said a joint press conference in Beijing Wednesday involving the five autonomous regions.

"We are not taking the short-term view of just trying to prop up prices Imposing controls and reducing exports aim to attract more factories using rare earth metals from home and abroad to Inner Mongolia," he said.

In each of the last three years, China has reduced the amount of rare earth metals that can be exported.

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 Source : China Daily  Editor: Ivy
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