China has stopped accepting applications for new mines to produce rare earth minerals until June 30, 2011, the country’s land ministry announced on Monday.
The policy is aimed at protecting resources and will help producers in price talks.
China plans to cap 2010 output of tungsten metal at 80,000 tons, antimony at 100,000 tons and rare earth at 89,200 tons, the land ministry said in a statement. It has also set targets for provinces and companies.
“The policy is aimed at protecting and effectively utilize China’s advantageous mineral resources,” the ministry said.
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