China’s State Council has made a significant move in the management of rare-earth resources, unveiling new regulations that emphasize the importance of protecting these valuable assets. The regulations state that rare-earth resources belong to the state, and no organization or individual may occupy or destroy them. This move is crucial in ensuring the sustainable development of rare-earth mining in China, a major player in the global rare-earth market.
Rare earths are essential components in high-tech manufacturing and the transition to green energy, earning them the nickname of ‘industrial vitamins’ or ‘industrial gold’. With China supplying over 70 percent of the world’s rare-earth materials despite having less than 40 percent of the global reserves, the country holds a significant influence in meeting global demand. However, China has faced challenges such as illegal mining and environmental issues in the rare-earth industry.
The new regulations signal a commitment to addressing these challenges and promoting responsible mining practices. By implementing protective measures for rare-earth resources, China aims to ensure the sustainable development of its rare-earth industry. The announcement has been met with approval from industry experts, leading to a surge in rare-earth stocks.
The Western media has also taken notice of these developments, highlighting the importance of rare-earth resources and China’s role in the global market. As China takes steps to standardize the management of rare-earth resources, it sets a precedent for other countries to follow suit in ensuring the responsible and sustainable extraction of these valuable minerals.
