November 11, 2010: Surging rare-earth prices are spurring developments of deposits in Kazakhstan, Kyrgyzstan and Greenland as China cuts exports of the metals used in BlackBerrys, televisions and Toyota Motor Corp.’s hybrid cars.
Sumitomo Corp., Japan’s third-largest trading house, and its local partner in Kazakhstan plan to start a pilot plant about the end of next year to produce rare earths from uranium tailings, said Yerzhan Ishanov, deputy director of general affairs at Summit Atom Rare Earth Co., Sumitomo’s venture with Kazatomprom, Kazakhstan’s state-owned nuclear company.
China, the source of more than 90 percent of the world’s rare earths, in July reduced its second-half export quota by 72 percent to ensure domestic supply. Prices have jumped as much as sevenfold in the past six months, prompting companies including Glencore International AG, Stans Energy Corp. and Greenland Minerals & Energy Ltd. to seek to restart and open mines.
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