Chinese Authorities Declare Rare Earth Metals State Property

In China, rare earth metals have been declared state property, and the authorities will oversee the development of this sector, according to a document from the State Council of the People's Republic of China.

The new regulations will take effect on October 1. They also provide for the establishment of a new information system related to rare earth metals by the State Council. Companies engaged in the extraction, processing, and export of rare earth metals must participate in this system and create their tools to accurately record the production volumes of these metals.

Last year, the Chinese authorities imposed restrictions on the export of germanium and gallium, which are actively used in the production of semiconductor products, as well as banned the export of technologies for extracting rare earth metals. China produces about 90% of the world's rare earth metals.