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6/14, 6:50 PM (Source: TeleTrader)
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China developing giant rare earth deposit

Authorities in the Jianghua Yao Autonomous County said China Minmetals Rare Earth Co. Ltd. started working on one of the biggest rare earth mines on a global scale, Nikkei reported on Friday. The article adds the facility in Hunan in South Central China contains deposits of dysprosium among the mainly middle and heavy elements in the class.

The material is used in magnet motors in electric powertrains for vehicles, as opposed to induction motors, but also in wind turbines and robotics. The world's most populous nation has almost a total monopoly though some assets are being developed in Australia. The company is a subsidiary of China Minmetals Corp., a government-controlled minerals and metals trader and producer.

The report doesn't specify other details, but the mining company acknowledged this week that it aims to start production in eight months and initially set the overall target at 1,800 tons of rare earth oxides per year from reserves measured at 104,300 tons. The government in Beijing earlier said it is considering the possibility to curb exports in the sector.

Breaking the News / IT