Asia Bizz: China has the world’s largest reserves of rare earth materials, and the country has decided to streamline the entire industry in the coming five years. In an intense meeting over the rare earth subject has taken place where leaders have decided to find out better ways to protect its environment and save its resources, which is directly in context to rare earth minerals.
The officials at the meeting have decided, there should be adequate control over the export and distribution of rare earth minerals around the world. There is massive demand for rare earth materials in the global market, and the China will look to put a leash on this uncontrollable demand.
On the other hand, authorities will look into the matter of illegal mining of rare earth materials in the country and will put restrictions or even shut down such activities. The rare earth reserves combined in China is around 760,000 tonnes which is really huge for a country like China which has complete hold of it.