Resumen de China's action to reform the rare earths market
In contrast, the US Geological Survey states that China's rare earths reserves in 2014 account for over 39% of the world total. Inner Mongolia Baosteel Group, which is the major shareholder of world's leading rare earths producer, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co., reports that 62% of the global output originates from its Baiyun'Ebo rare earth mine in northern China.
For the very first time, in 2009, China launched local and national stockpile projects of rare earths to secure its resources, adopting various suggestions from industries and drawing from other countries' experience. Then, a sudden skyrocketing of rare earths prices was seen from 2010 to the first half of 2011. Many countries, especially Western economies, worried that China's restrictive policies would cause resource shortages and affect their high-tech industries.
Inner Mongolia Baosteel Group, the biggest stakeholder in Baosteel Rare Earth, has committed to invest Chinese renminbi (Rmb) 6bn ($960m*) to carry out eight projects to improve the management of the rare earths tailing dam in Baiyun'Ebo, Inner Mongolia, the largest rare earths mining zone of the world. The dam has been closed to prevent highly radioactive by-products and pollutant minerals from leaking into nearby rivers and grassland and the factories near the dam have been moved out.
