Molycorp (MCP) Higher As China Expands Rare Earth Export Quotas
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Molycorp, Inc. (NYSE: MCP) shares are higher in pre-open trading Thursday after China's Ministry of Commerce said it will impose new export quotas for rare earths to include iron alloys containing more than 10% rare earths.
Previously the export quota were only on pure rare earths metals.
China said the move would "more effectively protect the exhaustible materials and the environment".
Separately, China said it will consolidated 80 percent of its rare earth production over the next few years among the three biggest companies.
Shares of Molycorp are up 4.7% in pre-open action.
Other rare earth stocks including Rare Element Resources Ltd. (NYSE: REE) and Avalon Rare Metals Inc. (NYSE: AVL) are also trading higher this morning.
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Previously the export quota were only on pure rare earths metals.
China said the move would "more effectively protect the exhaustible materials and the environment".
Separately, China said it will consolidated 80 percent of its rare earth production over the next few years among the three biggest companies.
Shares of Molycorp are up 4.7% in pre-open action.
Other rare earth stocks including Rare Element Resources Ltd. (NYSE: REE) and Avalon Rare Metals Inc. (NYSE: AVL) are also trading higher this morning.
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