- Rare earth stocks (REMX) start strong after reports overnight say China is likely to purchase billions of yuan of rare earth minerals starting next month to bolster its strategic reserves.
- Six large rare-earth producers - including Baotou Steel, China's largest rare earth producer by output - are on the list for the purchasing program, which was launched last year.
- Also, one of China’s largest rare earth producers says it plans to raise funds through private placement to build a plant with the capacity to produce 7K tons/year of rare earth oxides.
- MCP +3%, REE +3.7%, AVL +8.8%.
China to increase rare earth purchases, equities move up
Sep 24 2013, 09:54 ET