Inner Mongolia to form nat'l rare earth repository

16:55, March 08, 2011      

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Inner Mongolia will accelerate the construction of a strategic reserve base of rare earth and establish a national repository of rare earth resources to pave the way for a potential rare earth trading platform, said Hu'ercha, deputy director of the Standing Committee of the People's Congress of Inner Mongolia Autonomous Region, on March 7.

In order to accelerate the construction of a strategic reserve base of rare earth, rare earth reserves and a national repository of rare earth resources must be established, Hu'ercha said. A rare earth trading platform will be possible on that basis.

He added that particular attention must be placed to the ecological and environmental management while protecting, exploiting and using rare earth resources to lay a foundation for sustainable development in the future.

Rare earth is widely used in advanced technological fields, such as electronics, machinery manufacturing, the nuclear industry, new energy and aerospace. It is considered to be an "industrial vitamin."

Bayan Obo, located in Baotou of Inner Mongolia, is rich in metallic ore. Its rare earth resources account for about 87 percent of China's total proven reserves, and it is the world's largest rare earth deposit.

By Li Jia, People’s Daily Online

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