China Slashes Rare Earth Export Quota By 72%

Law360, New York (July 9, 2010, 5:16 PM EDT) -- The People's Republic of China has slashed its export quota for so-called rare earth minerals, which are used in hybrid cars, computers, phones and other high-tech devices, by 72 percent for the second half of the fiscal year.

The Chinese government will limit shipments to 7,976 metric tons, compared with 28,417 tons for the same period last year, the state-run newspaper China Daily reported Friday.

China has more than 90 percent of the world's known deposits of rare earth minerals, according to China Daily.

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