Tuesday, October 19, 2010

Rare Earth: "China Is Said to Halt Exports to U.S. of Some Key Minerals" (AVL.TO; MCP; LYSDY)

Come on DARPA!
Molycorp was up 10.66% at $34.26, Avalon 9.83% to $4.47 and Lynas 2.35% to $17.40.
From the New York Times:
China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted shipments of some of those same materials to the United States and Europe, three industry officials said on Tuesday. 

The Chinese action, involving rare earth minerals that are crucial to manufacturing many advanced products, seems certain to further ratchet up already rising trade and currency tensions with the West. Until recently, China typically sought quick and quiet accommodations on trade issues. But the interruption in rare earth supplies is the latest sign from Beijing that Chinese officials are willing to use their growing economic muscle.
“The embargo is expanding” beyond Japan, said one of the three rare earth industry officials, all of whom insisted on anonymity for fear of business retaliation by Chinese authorities. They said Chinese customs officials imposed the broader shipment restrictions Monday morning, hours after a top Chinese official had summoned international news media Sunday night to denounceUnited States trade actions....MORE
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