China has changed tack on its rare earths policy amid fears that its hard line on producers threatens its dominance of the global market for the 17 key substances found in items from smartphones to missiles.
In a move that Beijing describes as “promoting orderly development”, it will provide direct subsidies to revive struggling producers – a tacit acknowledgment of the strategic importance of the industry.
The subsidies represent a significant shift in China’s policy of the past two years, which focused on restricting production of rare earths, closing down illegal mines and tightening control of exports. These moves led to price fluctuations and slowing global demand.
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