CHINA's State Council revealed a list of rare earth regulations aimed at protecting supplies of neodymium used to miniaturise computer hard drives, wind turbines and hybrid cars, reports Reuters.
Set to take effect on October 1, the new regulations imposed for national security reasons, lay out the rules on mining, smelting and trade.
The regulations say rare earth resources belong to the state, and that the government will oversee the development of the industry around rare earths - a group of 17 minerals of which china has in recent years become the world's dominant producer, accounting for nearly 90 per cent of global refined output.
Their global industrial significance is such that under a law that entered into force in May the EU set ambitious 2030 targets for domestic production of minerals crucial in the green transition - particularly rare earths due to their use in permanent magnets that power motors in EVs and wind energy. EU demand is forecast to soar six fold in the decade to 2030 and sevenfold by 2050.
SeaNews Turkey
Set to take effect on October 1, the new regulations imposed for national security reasons, lay out the rules on mining, smelting and trade.
The regulations say rare earth resources belong to the state, and that the government will oversee the development of the industry around rare earths - a group of 17 minerals of which china has in recent years become the world's dominant producer, accounting for nearly 90 per cent of global refined output.
Their global industrial significance is such that under a law that entered into force in May the EU set ambitious 2030 targets for domestic production of minerals crucial in the green transition - particularly rare earths due to their use in permanent magnets that power motors in EVs and wind energy. EU demand is forecast to soar six fold in the decade to 2030 and sevenfold by 2050.
SeaNews Turkey
