Lynas Corporation sees Rare Earths export opportunity on limited China supply
Lynas Corporation has reported that the Ministry of Commerce
of the People’s Republic of China has released 7,976 tonnes of approved
Rare Earths export quota for the second half of 2010, including export
quota for both foreign-invested firms (1,768 tonnes) and local firms
The total export quota for 2010 (30,259 tonnes) is 40% less than the total export quota for 2009 (50,145 tonnes).
In addition, the export quota for the second half of 2010 (7,976 tonnes) is 72% less than the export quota for the second half of 2009 (28,417 tonnes).
Nicholas Curtis, executive chairman, said “the tightening of supply regulations provides additional opportunity for Lynas to meet the supply deficit outside of China."
"Lynas owns the richest known deposit of Rare Earths outside of China at Mount Weld in Western Australia and the company is progressing well with plant construction to be in a position to commence supply in Q3 2011."
The company plans to become the benchmark for security of supply and a world leader in quality and environmental responsibility to an international customer base.
Export quotas on Rare Earths products were introduced by the Chinese government in 2003 to limit the export of China’s strategic resource.
The 2010 regulatory constraints of Rare Earths supply from China, which supplies over 90% of Rare Earths to the world, is a significant reduction in product available for export.
Lynas reported a new price high of US$16.56/Kg was reached on 7 June 2010 for the average Mount Weld Rare Earths composition on a FOB China basis.
The company anticipated the increase in prices as demand continues to recover strongly in 2010.
Demand is further demonstrated by the 230% increase in Japanese Rare Earths imports in April 2010 from a year earlier, the second month in a row Japanese imports have increased significantly year-on-year.
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