New Environmental Standards Can Drive Rare Earth Prices Even Higher (MCP) (REE)
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Shares of rare earth stocks, including Molycorp (NYSE: MCP), are seeing a bid Wednesday morning following the latest commentary suggesting rare earth prices will continue to climb.
Expert claims the prices of rare earth metals will continue to rise because of the stricter environmental standards producers will have to meet by Aug 1st, the China Daily reported Wednesday.
Miners and processing companies that fail submit applications or don't pass the review will be denied environmental assessment approval for new projects in China, the Ministry of Environmental Protection said in a statement on its website on Tuesday.
An executive from Ganzhou Rare Earth Mineral Industry Co Ltd said at least 60 percent of producers currently don't meet the standards.
Shares of Molycorp are up 2 percent in pre-open trading. Rare Element Resources Ltd. (AMEX: REE) is up 3 percent and Avalon Rare Metals Inc. (AMEX: AVL) is up 3 percent.
Expert claims the prices of rare earth metals will continue to rise because of the stricter environmental standards producers will have to meet by Aug 1st, the China Daily reported Wednesday.
Miners and processing companies that fail submit applications or don't pass the review will be denied environmental assessment approval for new projects in China, the Ministry of Environmental Protection said in a statement on its website on Tuesday.
An executive from Ganzhou Rare Earth Mineral Industry Co Ltd said at least 60 percent of producers currently don't meet the standards.
Shares of Molycorp are up 2 percent in pre-open trading. Rare Element Resources Ltd. (AMEX: REE) is up 3 percent and Avalon Rare Metals Inc. (AMEX: AVL) is up 3 percent.
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