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BEIJING, Sept 25 - China has doubled its rare earth mining quota for this year to a record high of 240,000 metric tons, government data showed on Monday.
Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in electric vehicles, wind turbines and consumer electronics such as iPhones.The full-year mining output quota for this year, including 120,000 tons issued in March, represents a 14% rise over 2022, China's Ministry of Industry and Information Technology and the Ministry of Natural Resources said in a joint statement.
Spot prices of praseodymium oxide in China have fallen 24% this year to stand at 530,000 yuan per ton on Friday, data from information provider Shanghai Metals Market showed. One major producer, China Rare Earth Resources and Technology, posted an 85.13% year-on-year drop in first half profit, according to its interim report.
China's exports of rare earths in August rose 30% from a year earlier to 4,775 tons, according to customs data.
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