Inner Mongolia backs rare earth overhaul
By Richard Fu |
June 4, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S largest rare earth producing region aims to overhaul the industry as part of efforts to promote sustainable development of the sector.
Twenty-two rare earth smelters in north China's Inner Mongolia Autonomous Region will be compensated after they are shut down this month, while another nine unauthorized processors will be closed without any reimbursement.
Four others will be acquired by Baotou Iron and Steel Group Co, according to a statement on the Baotou City government website.
China is the world's largest supplier of rare earth, which is used in mobile phones, hybrid cars and missiles.
But the industry has been plagued by illegal mining, excessive smelting capacity that have caused huge environmental damage. The government has reacted with quotas for production and exports and pushed for tougher environmental standards for the industry, while encouraging mergers and acquisitions.
Premier Wen Jiabao said in February that China will streamline its rare earth industry in the next five years.
"The regional consolidation aims to achieve a work system of unified mining, exploration, smelting and management of rare earth production and processing under Baotou Iron and Steel Group," the city's statement said.
Baotou Steel is the parent company of the Shanghai-listed Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co.
Twenty-two rare earth smelters in north China's Inner Mongolia Autonomous Region will be compensated after they are shut down this month, while another nine unauthorized processors will be closed without any reimbursement.
Four others will be acquired by Baotou Iron and Steel Group Co, according to a statement on the Baotou City government website.
China is the world's largest supplier of rare earth, which is used in mobile phones, hybrid cars and missiles.
But the industry has been plagued by illegal mining, excessive smelting capacity that have caused huge environmental damage. The government has reacted with quotas for production and exports and pushed for tougher environmental standards for the industry, while encouraging mergers and acquisitions.
Premier Wen Jiabao said in February that China will streamline its rare earth industry in the next five years.
"The regional consolidation aims to achieve a work system of unified mining, exploration, smelting and management of rare earth production and processing under Baotou Iron and Steel Group," the city's statement said.
Baotou Steel is the parent company of the Shanghai-listed Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co.
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