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China announces fund to support rare earth industry

1:57 PM MST | January 3, 2013 | —Deepti Ramesh

The Chinese government says it will allocate a special fund from its central budget to support the restructuring of China’s rare earth industry. The money will be used to finance local-government crackdown on illegal mining of rare earths, the upgrading of production facilities to improve environmental standards, R&D, and the development of high-tech applications for rare earths, 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...

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