China announces fund to support rare earth industry

The Chinese government says that it will allocate a special fund from its central budget to support the restructuring of China’s rare earths industry. The money will be used to fund local government crackdown on illegal mining of rare earths, for upgrading facilities to improve environmental standards, research and development, and to develop high-tech applications, the government says. The move was announced after several rare earth companies including Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (Baotou), China’s largest producer of rare earths...

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