China to partly consolidate rare earth metals' mining

China will consolidate the mining of rare earth in the world's top producing area in Baotou city, Inner Mongolia. The monopoly to mine the metals will be given to Bautou Steel Group by the end of this year, the province planner said today. China hosts more than 90% of the world's rare earth resources and will form an inspection team to manage all mines in the Bautou region to make sure the monopoly will be respected.

The new monopoly goes for rare earths at iron ore mines. After extracting iron from the ores, the parent company provides a subsidiary with the residues.