| Aus rare earth producers jump on China cut |
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Rare earths hopeful Lynas Corporation Ltd, which controls the world's richest known deposit of rare earths outside of China, saw its shares jump sharply in opening trade, and at 1014 AEDT was up more than eight per cent, at $1.75. Other Australian rare earths companies, including Alkane Resources Ltd, Arafura Resources Ltd and Greenland Minerals and Energy Ltd, also gained between five per cent and 8.5 per cent. Alkane rose five cents to 85 cents, Greenland Minerals added 4.5 cents to $1.005 and Arafura gained 10 cents to $1.32. The share price jumps came after China, which controls about 97 per cent of the world's rare earths, announced a cut to its rare earths export quota for the first half of 2011. Rare earths are needed in tiny amounts in many high-tech and clean energy goods, and some also have military applications. Lynas said the export quota announced by China's Commerce Ministry for the first half of 2011 had been cut by about 35 per cent, compared with the first six months of 2010.
Source: http://au.finance.yahoo.com/news/Aus-rare-earth-producers-jump-aap-3202655386.html?x=0 |
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