Rare Earth Stocks Lower As Supplies Expected To Swell (MCP) (REE) (AVL)
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Shares of rare earth stocks are weaker early Thursday following report from China that the supply of rare-earth minerals will outpace demand within five years.
With the soaring price of the minerals, global miners are looking to cash in on their reserves. In addition, countries with large deposits are looking to resume exploration after freezing it for years.
"The current tight-supply situation will not last," Wang Hongqian, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd (NFC), told China Daily.
Around the sector:
Avalon Rare Metals Inc. (AMEX: AVL) down 3%
Molycorp, Inc. (NYSE: MCP) down 2.7%
Rare Element Resources Ltd. (AMEX: REE) down 1.8%
With the soaring price of the minerals, global miners are looking to cash in on their reserves. In addition, countries with large deposits are looking to resume exploration after freezing it for years.
"The current tight-supply situation will not last," Wang Hongqian, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd (NFC), told China Daily.
Around the sector:
Avalon Rare Metals Inc. (AMEX: AVL) down 3%
Molycorp, Inc. (NYSE: MCP) down 2.7%
Rare Element Resources Ltd. (AMEX: REE) down 1.8%
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