Chinese rare earth producer gets approval for rare earth exchange – report

China’s biggest rare earth producer, Baotou Steel Rare Earth (Group) Hi Tech , has won local government approval to start an exchange to trade the increasingly lucrative metals used in many high-tech goods, state media reported on Friday.

The regional government of Inner Mongolia, where the Shanghai-listed company’s mining and processing operations are based, gave the “green light to the establishment of a rare earth exchange in the city of Baotou,” the Xinhua news agency reported, citing city officials and an earlier statement from the Baotou Steel Rare Earth (Group) Hi Tech.