Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.
Rare Earth and Lithium Mining News
The Critical Metals Report talks to Mickey Fulp about the prospects for future rare earths supply chains independent of the current virtual Chinese monopoly.
China's global share of rare earth output will drop steeply in the next two years as other countries ramp up production to compensate for domestic curbs on mining the minerals, a former government official and future rare earth group chief said. The country's rare earth output would drop from 95 percent of global output to 60 percent, reversing global reliance on China, Wang Caifeng, a former Ministry of Industry and Information Technology (MIIT) official told the official China Daily.
Australian-American Mining Corporation Limited (ASX: AIW) has advanced it's Rare Earth Elements ("REE's") Project situated in West-Central Arizona, USA.
China's exports of rare earth ores, metals and compounds, fell 11% in May compared to April and 8.8% to 23,742 metric tons in the first five months of the year compared to last year. At the same time the value of exports surged 242% to $1.6 billion, customs data supplied by Hong Kong-based Economic Information & Agency showed Tuesday. China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing a frenzy of exploration and development activity.
Asia Sentinel reports on a dramatic lesson as the rest of the world gears up to replace the falling Chinese supply.While most of the attention in the world's press centered on what was regarded as a strategic decision, Chinese officials said they could no longer afford the damage to their environment.
Market Oracle reported on recent gains in shares of Molycorp (NYSE:MCP). The market news is quoted as saying: The price drivers today are plentiful: Financial Times reports that rare earth materials are being stockpiled in China, Piper Jaffray upgraded Molycorp to a buy, and a host of analysts piled on with positive assessments of the rare earth industry in general.
Green Technology Solutions, Inc. (OTCQB:GTSO) continues preparations to send core samples from three Mongolian rare earth mining sites to South Korea for analysis as prices on heavy rare metals more than double due to China’s tightening control of rare earth mining, production and exports. U.K.-based trade publication Industrial Metals reported last week that rare earth minerals dysprosium oxide and europium oxide, used in high-tech applications from nuclear reactors to smartphones, rose by more than 100 percent since the beginning of the month.
Prices of the certain rare earths used in energy saving lightbulbs, lasers, nuclear reactors, magnets and plasma televisions more than doubled in the past two weeks as China, responsible for upwards of 95% of world supply, further tightens control of mining, trading and exports, research house Industrial Minerals said over the weekend. China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing an exploration and mine development frenzy with over 250 projects on the go worldwide.
The advanced rare earths explorer Arafura Resources Ltd (ASX: ARU)has welcomed the release by the South Australian Government of guidelines for an Environmental Impact Statement on a rare earths complex at the industrial city of Whyalla. Details on the EIS guidelines were released today by South Australia's Urban Development and Planning Minister John Rau and Mineral Resources Development Minister Koutsantonis.
Great Western Minerals Group (CVE:GWG,OTC:GWMGF) announced 2010 exploration results from the Saskatchewan-based Douglas River Rare Earth Project. The press release is quoted as saying: During the 2010 exploration program, geological mapping on the Beatty claim discovered a new showing named the Helipad showing. Like the historic showing, the mineralization is concentrated in porous sandstone channels within the Athabasca Sandstone in a parallel, north-south structure 50 m to the west of the original discovery.
The western hemisphere's sole rare earth oxides producer, Colorado-based Molycorp, announced Thursday it has now fully funded its US$781 million expansion and modernization project at its flagship Mountain Pass rare earth facility in California. "Full funding of the capital plan of Project Phoenix is a major milestone in Molycorp's overall rare earth ‘mine-to-magnets' business plan," the company said in a news release.
Chinese industrial executives say the world's supply of rare earth minerals will outstrip demand within five years, ending reliance on China's exports. Wang Hongquain, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Company (NFC), toldChina Daily more nations with large rare-earth deposits will resume exploration, which will lead to a global reallocation of the minerals.
Rare Element Resources stock jumped 9% in after hours trade in New York after a new estimate for the amount of rare earth materials at its Bear Lodge project in Wyoming showed a 20% jump. The gains were on top of a 7% jump during regular hours for the volatile stock which is still trading down almost 40% from record highs hit in January. The company also sees significant potential for further expansion of all deposits.
The Emerging Trends Report is 18 months into a planned 4-year circumnavigation of Australia, investigating specialty metal projects and recommending ASX-listed companies to clients. In this exclusive interview with The Critical Metals Report, we caught up with ETR Managing Editor Richard Karn shortly after he delivered the keynote address to the 2011 Energy and Resource Symposium for an update on the specialty metals market down under.
Wealth Daily Editor Luke Burgess loves the word "gangbuster." It makes him laugh, and it signals great opportunities for investors to make money. In his first exclusive interview with The Gold Report, he shares this take on Yukon gold plays and diversification among small-cap equities, be they gold, silver or rare earth plays.
Aluminum Corporation of China (Chinalco) has taken a 45 percent majority stake in a rare earth joint venture in Jiangsu province, boosting such assets, which is part the firm's strategic development plan, a company spokesman […]
Aluminum Corporation of China (Chinalco) has taken a 45 percent majority stake in a rare earth joint venture in Jiangsu province, boosting such assets, which is part the firm's strategic development plan, a company spokesman said on Friday.
Short seller Jim Chanos is well known for his negative assessments of China, especially Chinese real estate. One of his more colorful expressions about China's economy is "the Chinese are on a treadmill to Hell." […]
No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We […]
Solid Resources Ltd. "SOLID" or the "Company" TSXV: SRW Frankfurt: YRS is pleased to provide assay results from an additional 4 holes drilled as part of the Phase 3 program that is currently underway at the Companys 100% owned Doade-Presqueiras rare metals project in North-western Spain, 25 km east of the port city of Pontevedra. Hole S0-11-04, which was previously pending is now included. The results of hole S0-11-12 deserves special recognition for two reasons: firstly because results like this are the best to date in the northern section of the property known as the Presqueiras area.
First, Molycorp (MCP) look poised for a rally. Soon after that, the technicals turned, indicating pressure was building for a big move. I hedged, but I remained bullish.
Molycorp, Inc. (NYSE: MCP), the Western hemisphere's only producer of rare earth oxides, today announced that, subject to market conditions, it intends to offer $200 million principal amount of its Convertible Senior Notes due 2016 (the “Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933. The Notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. In addition, Molycorp intends to grant the initial purchasers of the Notes an option to purchase an additional $30 million principal amount of the Notes.
But just what are critical metals? They are sometimes referred to as "strategic" or "technology" metals, but clear definitions for these terms often prove elusive and routinely depend on to whom you're talking.
China is giving its biggest, state-owned rare earths miner and producer a monopoly for the northern part of the country in reforms aimed at bringing the strategically important resource that's crucial to advanced manufacturing under tighter control.