The consolidation aims to achieve unified mining, exploration, smelting and management of rare earth production and processing under Baotou Iron & Steel Group,” the statement said.
started to rein in mining of rare earths in May 2009, setting production quotas to curb pollution. Export cutbacks prompted countries, including the U.S. and , to revive domestic mining or seek alternative resources.
Inner Mongolia Baotou has been designated by the government to open a rare earth exchange that will handle spot transactions, state-run Xinhua News Agency said on May 27. The exchange will have a registered capital of at least 100 million yuan.