Gov’t to Start Exploration for Rare Earth Elements This Quarter

The Mines and Geosciences Bureau (MGB) said the government has budgeted P20 million to look for rare earth elements starting this quarter.

 “We have already found potential areas to explore and these areas are also close to copper-gold mines, Palawan and Nueva Vizcaya are the best places to start looking for the elements ” MGB director Leo Jasareno said.

Rare earth metals are a group of elements that are used in a wide range of products, including hard disk drives and hybrid cars. Their properties, notably as light-weight magnets, make them key to the ongoing miniaturization of electronics gadgets and the growth of green technologies.

China recognized the importance of these elements decades ago and now supplies almost all the rare earth materials in the world.

The government is now looking for these metals following China’s decision to cap exports to the global market.

Earlier, Jasareno said that before the standoff on Scarborough Shoal, experts from the China Geological Survey (CGS) were expected to arrive in the country to explore for rare earth elements.

China produces nearly 95 percent of the world’s rare earth materials, a group usually classified as 17 elements and sometimes are called “21st Century gold” for their importance in such high-tech applications as laser-guided weapons and hybrid-car batteries.

Further limits on Chinese exports of rare-earth elements also threaten to raise costs for companies in an array of industries, including cellphone production, oil refining and high-technology batteries.

In December 2011, the Chinese Commerce Ministry announced an initial cut of 27 percent in its rare earth elements exports quota for 2012 as part of the crackdown on illegal mining of the rare earth oxides.

Rare Earth Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
Tungsten News & Tungsten Prices, 3G Version: http://3g.chinatungsten.com
Tungsten News & Tungsten Prices, WML Version: http://m.chinatungsten.com  

• < Prev
• Next >