- Monday 2010-08-09 15:35
August 9 -- China will establish a 300 million yuan-450 million yuan fund to promote the research and development of the rare earth industry during the 12th Five-Year Plan period, reports 163.com, citing foreign media reports.
According to Gan Yong, a member of the Chinese Academy of Engineering, China will focus on the industrialization of rare earth functional materials during the 12th Five-Year Plan period.
China’s exports of rare earth oxides accounts for more than 90 percent of the world's total. It has almost half of the world’s reserves of rare earth.
Shares of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (600111) were up 0.56 percent to close at 44.85 yuan today.
