India Plans to Develop Rare Earth Project with USD72 Million

Indian Rare Earths plans to spend USD 72 million developing a rare earth project with a reserve of roughly 3 million tons, which is likely to help reduce dependency on imports from China .

Indian rare earth industry’s series of new tendencies show that the country, as the world second largest rare earth producer, has decided to raise rare earth output.

India’s rare earth element metal import growth lately indicates domestic demand increase in India . However, China has canceled quotas on tungsten and molybdenum exports, which enables expectations on ease of rare earth export quotas and stimulates India to step up rare earth production.

Insiders say that China’s rare earth output represents over 90% of the global total, and India’s rare earth output increase helps lower dependency on China .

 

Source : http://www.kitco.com/news/2015-02-13/India-Plans-to-Develop-Rare-Earth-Project-with-USD72mn.html?sitetype=fullsite