REE Just Got More ExpensiveThe Associated Press, On Thursday March 24, 2011, 9:10 am
By The Associated Press
BEIJING, China - China is hiking taxes on themining of rare earth elements amid moves to mitigate environmentaldamage, control production levels and limit exports.
China has about 30 per cent of the world's rare earths deposits but accounts for 97 per cent of global production.
The tax bureau said Thursday that taxes will rise toeither 30 yuan ($4.5) or 60 yuan ($9) per ton, depending on whether theelements are categorized as light or heavy.
That's up from just 0.5 and 3 yuan per ton, respectively. The new rates take effect next month.
Rare earths are used in the manufacture of electronics and other high-tech products.
China said in December the 2011 export quota would be reduced about 10 per cent from last year's level.