Wednesday, March 18, 2009

Ganzhou to procure tungsten and rare earth products

Wednesday, 18 Mar 2009

Ganzhou to procure tungsten and rare earth products
It is reported that Ganzhou City of China's Jiangxi Province plans to spend around CNY 1.8 billion to procure tungsten and rare earth products to stabilize market prices.

As per report Ganzhou will buy 10,000 tonnes of scheelite and tungsten products, 10,000 tonnes of rare-earth ore and all kinds of separation products made from rare earth. The province began building reserves in January and will cease to do so in December 2009.

Last October, the price of tungsten, rare earth and other non-ferrous metal products in China sharply dropped. Related enterprises in Ganzhou suffered a big loss. Around 88 rare earth mining enterprises ceased production.

The local government hopes the new stabilization move will help those enterprises resume production and recover financially. Click here...

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