China Cuts Rare Earth Export Quota, Creating a Boost for Molycorp (MCP) and Rare Element Resources (REE)
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Shares of Molycorp, Inc. (NYSE: MCP) and Rare Element Resources Ltd. (AMEX: REE) are jumping higher in pre-open trading on reports China is cutting its rare earths exports by more than 10 percent next year.
China currently produces 97 percent of the world's rare earths, but companies like U.S.-based Molycorp are ramping up production.
Shares of MCP last traded at $51, up 3.2 percent. REE last traded at $12.87, up 9.7 percent.
China currently produces 97 percent of the world's rare earths, but companies like U.S.-based Molycorp are ramping up production.
Shares of MCP last traded at $51, up 3.2 percent. REE last traded at $12.87, up 9.7 percent.
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