Friday, April 13, 2012

Chinese group forms for green development of rare earth minerals

The Chinese government recently established a new rare earth trade association to help manage the sector and increase environmental protections in the industry, according to state media agency Xinhua. Many products, such as consumer electronics and solar panels, depend on rare earth minerals, which are pricey and cause environmental damage through mining.

Reportedly, the group will bring together 155 members, including industry giants such as the Aluminum Corporation of China and China Minmetals Corporation.

Vice minister of industry and information technology Su Bo said the new association had been formed to "promote sustainable and sound development in the sector." The group will also work on a new price structure and provide leadership on international trade disputes. Current disputes with the U.S., E.U. and Japan recently resulted in complaints lodged with the World Trade Association (WTO) over China's decision to tighten export quotas.

Rare earths are vital to the creation of many IT and clean tech products, including solar panels, wind turbines, batteries and consumer electronics, and China's export position has angered many Western firms that have seen rare earth material costs rise due to supply restrictions.

- Green Biz

Read the complete story: www.greenbiz.com

 

 

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