China's leading producer of rare earth metals has been given government approval to build a strategic reserve, exacerbating concerns that Beijing is tightening its grip on the valuable minerals, needed to produce green and high-technology products.
China supplies about 95 per cent of the global market for rare earths, used to produce everything from hybrid cars to iPod music players.
Baotou Rare Earth said in a statement to the Shanghai stock exchange that it had gained approval from the regional government of Inner Mongolia to build 10 reserve facilities capable of storing more than 200,000 tonnes of rare earth oxides.
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