NEW YORK, NY — (Marketwire) — 07/26/11 — Soaring rare earth prices have been a major headache for hard disk drive manufacturers, but a blessing for explorers of the seventeen lanthanides. While Chinese officials deny manipulating rare earth prices, companies from Australia and North America are stepping up operations to reduce China-s rare earth monopoly. The Bedford Report examines the Rare Earth Elements Industry and provides stock research on Lynas Corporation (PINKSHEETS: LYSCF) (ASX: LYC) and Qiao Xing Universal Resources, Inc. (NASDAQ: XING). Access to the full company reports can be found at:
China-s Ministry of Industry and Information Technology (MIIT) claims that the allegations of manipulating prices of rare earth metals are a misunderstanding and argue that prices are justified considering the huge environmental impact over it. Last year China announced a five-month crackdown on illegal mining in order to protect the environment and its resources. This campaign was concentrated in the south where mines are commonly small, rural, and illegal operations particularly prone to release toxic wastes into the general water supply.
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The environmental impact of Rare Earth exploration in processing is a hotly contested issue. This year Lynas Corporation was finishing its $230 million rare earth refinery on the northern outskirts of Malaysia-s industrial port of Kuantan. Despite an initial flurry of optimism, media reports suggested that the plant could be delayed by one to two years due to heavy protesting in Malaysia and Sydney.
Earlier this month Lynas said it will spend up to $US210 million on the second phase of construction on a planned refinery plant in Kuantan. The plant is being built to process “slightly radioactive” ore concentrate from Lynas-s rare earths deposit at Mount Weld in Western Australia.
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