China Sets New 1st Half 2012 Rare Earths Export Quota

China, the world's stronghold of rare earth elements, on Dec. 27, 2011 came out with its official quota of rare earths exports for the first half of 2012.

China's Ministry of Commerce (MOFCOM) announced Chinese exporters of rare earths elements will be allowed to sell 10,546 tonnes of in the first six months of 2012, a 27 per cent reduction from the quota set for the first half of 2011.

Eleven companies will share the quotas, including seven rare earth producers and four distribution companies, according to a statement on the ministry's website. The first batch of quotas includes 9,095 tonnes of light rare earths and 1,451 tonnes of heavy rare earths.

The first-round quotas account for 80 per cent of the full-year volume for 2012, the ministry said.