China to Shift More Responsibility to North American and Australian Rare Earth Explorers
The Bedford Report Provides Equity Research on Lynas Corp & Great Western Minerals
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/04/11 -- Rare Earth stocks took a noticeable hit last month after JP Morgan analyst Michael Gambardella warned that this year's massive run-up in rare earth prices was being driven by speculation. Outside North America, officials from China -- who essentially controls a monopoly on the rare earth sector -- argue that rare earth prices are likely to remain high, however. The Bedford Report examines the Rare Earth Elements Industry and provides stock research on Lynas Corporation (PINKSHEETS: LYSCF) (ASX: LYC) and Great Western Minerals Group Ltd. (TSX-V: GWG) (PINKSHEETS: GWMGF). Access to the full company reports can be found at:
Li Zhong, the vice-general manager of top producer Baotou Steel Rare-Earth Hi-Tech Holding, told a conference organised by Metal Pages that China's role as the dominant global supplier of rare earths will gradually come to an end as the industry focuses more on the domestic market. Zhong argues that it is now "unrealistic" for rare earth prices to fall back to previous levels as Beijing tightens the sector.
Xu Xu, the chairman of the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, explains that he hopes "other countries would share the burden" of rare earth production after depending on China's overmined deposits for a decade. China has argued that previous production and export levels were not sustainable in the long term, and have decimated parts of the nation's environment.
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Rare Earth miners worldwide are finally responding to the rally in prices. Australia, South Africa, Alaska, Canada and Sweden are considered to have the leading mines in terms of quality outside of China.
Rare earth metals miner Great Western Minerals Group's most recent quarterly net loss widened despite a surge in revenue, hurt by a stock-based payout and a written-off asset. April-June net loss widened to C$3.6 million ($3.7 million), or 1 Canadian cent per share, from C$1.5 million, or half a Canadian cent per share, a year ago.
Report from Reuters claim that Lynas Corporation aims to meet 20 percent of world demand for rare earths from its operations in west Australia.
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Datum: 04.10.2011 - 06:16 Uhr
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