Remember when China, producer of 95% of all the world’s rare earths, sent shockwaves through the rare earth markets by announcing a 40% reduction in rare earth production (seen here), and further stoked the fire by “mysteriously halting” all exports of the commodity (seen here) in a retaliatory effort against Japan? While China’s grasp strengthens while Western economies flail, Malaysia sees opportunity in offering some relief from restrictions by the erratic and opaque Chinese government. According to the NYTimes, regulators have granted an initial operating license to an immense refinery specializing in rare earth production. Although this is just the first of many hurtles, the granting of the operating license is one step closer to the expected opening of the facility later this year.. and one small step away from the clutches of China’s monopolistic industry.
via With Approval, Malaysia Refinery Expects to Open This Year – NYTimes.com.