Concerned about the WTO and EU restrictions on exports of Chinese Rare Earth

WTO and the European Union said on Tuesday that Germany's concern for the problem of Chinese restrictions on the export of rare earth to find a solution.

Germany's restrictions on Chinese exports of rare earths on Tuesday, the consequences of warning. EU says it is concerned about China's relevant practice and to explore the legal consequences of this practice.

Tuesday also said the United States will require the use of rare earth on China's monopoly of trade issues to seek some advantage, and find a solution.

One of the largest mining companies in Western Molly Denver mining company (Molycorp Minerals) the person in charge said that China will reduce the export of rare earth in Europe and America, but will not completely interrupt the supply of rare earth.

To break the master of the rare earth in China trade, Denver Morley plans to the U.S. mining of rare earth production to the end of 2012 increased to twenty thousand tons annual production. The company plans to compensate for China to reduce the vacuum created after the export.

China, which controls 90% of global trade in rare earth rare earth supply. Including 17 species of rare earth magnetic, luminescent and other properties of the minerals, mainly for solar panels, wind turbines and electric cars were.

RE prices soared 600-700% over the past few months.

Many countries worry that other countries will take similar measures to limit use among high-tech products export of the metal. Obama may be in the upcoming Summit of the 20 questions.

Beijing has denied plans to reduce export quotas for rare earths. Chinese media accused Western countries of cheap Chinese exports of rare earth on the request is unreasonable.