EU Trade Commissioner Urges Pushes China On Rare Earths
2011年3月17日 - 2:45PM
Dow Jones News
The European Union's top trade official Thursday said the Group
of 20 biggest economies needs to urgently agree a markets based
framework on the supply of raw materials and criticised China's
quota policy on rare earths.
Karel De Gucht, the European Commissioner for Trade, said the
rapid development of emerging nations will squeeze the supply of
raw materials and governments need to establish transparent trading
rules.
"It is urgent," de Gucht said in an interview. "For a region
like Europe, it is very important that markets in raw materials
remain open."
De Gucht said there is a risk suppliers of essential raw
materials will opt for country-to-country trade pacts rather than
selling their exports on the open market. "We want to have a very
formal, rules based, commercial system where markets can play their
role," said the official.
The policy push is likely especially aimed at China, which
produces 90% of the world's supply of rare earths and has been
cutting export quotas. Rare earths are a suite of elements used in
applications from high-powered magnets to fuel refining.
"China certainly has to play its role at the G20 table," said De
Gucht, citing that country's changes to export rules. "These kind
of sudden changes, we have difficulty accepting them."
Last October, shipments of Chinese rare earths to their major
customer Japan dropped off amidst a diplomatic spat between the two
countries, prompting concerns that Beijing was attempting to use
its control of the commodity for strategic ends. China denied any
relationship between the tightening of its export quotas, announced
three months earlier, and the diplomatic dispute.
De Gucht noted the world's supply of rare earths deposits isn't
just confined to China, citing Greenland's and the U.S.
reserves.
Australia also has several large rare earths deposits, with the
Mt Weld deposit operated by Lynas Corp. Ltd. (LYC.AU) in Western
Australia expected to account for an extra produce its first
refined rare earths by the end of this year and other deposits
being developed by Arafura Resources Ltd. (ARU.AU) and Alkane
Resources Ltd. (ALK.AU).
At present, China accounts for 103,300 tons of the world's
114,800 tons annual rare earths production, according to a Lynas
Corp. presentation last month, but Mt Weld will account for a
further 22,000 tons a year and 20,000 tons will also be produced by
Molycorp Inc.'s (MCP) Mountain Pass mine from next year.
De Gucht discussed the topic of rare earths supply with
Australia Trade Minister Craig Emerson Wednesday and said both
parties will engage in talks on common research and development and
the legal structures but deals will be done between private
companies.
"The actual deals are the responsibility of the private
companies concerned," said De Gucht
-By Enda Curran and David Fickling, Dow Jones Newswires;
61-2-8272-4687; enda.curran@dowjones.com
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