China began mining rare earth minerals in the 1980s, and by the mid-90s was well surpassing the U.S. in production.
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Last week, for instance, China's Ministry of Commerce announced it will reduce by 72% China's exports of rare earth minerals.
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Last year, China temporarily halted exports of rare earth minerals to Japan.
If China, for example, keeps precious minerals for its own production processes and Indonesia keeps palm oil for its own consumers, what are the implications for producers and consumers in other countries, such as India or Nigeria?
American and Canadian businesses that rely on these important minerals have also moved operations to China.
The commodity story of China being the demand force for oil, minerals like iron ore and agricultural commodities is still in play, but savvy fund managers are turning inward along with the Chinese government.
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The restraints are a matter of concern because China controls 97% of global production of these minerals.
FORBES: Watch out: Beijing's resource policies can be predatory.
And this week it appeared, as reported in the New York Times, that China cut off the exports of certain rare earth minerals to Japan.
The latest salvo was fired on June 23rd by America and the European Union, which complained to the World Trade Organisation (WTO) about China's restrictions on the exports of nine minerals, including bauxite, coke, magnesium and manganese.
Behind the surge: China, which supplies the vast majority of rare earth minerals, has started to restrict exports.
The booming economies of China and India have increased worldwide demand, and Wolf Minerals hopes when the mine is reopened it could employ more than 200 people and produce about 3, 000 tonnes of tungsten and tin a year.
China's imports from the region, primarily soy products and minerals, have nearly trebled since 2002.
They complain that barriers to China's domestic market mean that India is mostly shipping unrefined minerals and primary goods, getting finished products in return.
The prime minister of Greenland says he will not favour the EU over China or other investors when granting access to highly prized rare earth minerals.
China's domination of the global production of rare-earth minerals in particular has fuelled the search for other sources of materials essential for everything from electronics to wind turbines.
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Speaking of cost, sometime last year the notion began to circulate that China will one day become a net importer of the rare earth minerals for which it currently provides 90% of the global supply.
While six of Australia's top ten export markets are already in recession, the chief impact has come from the slowdown in one that is not: China, its biggest trading partner, and the main driver of a minerals boom that has fed fat company-tax revenues.
Other regions are experiencing intense competition in trade and natural resources, including oil and minerals, by firms from Europe, U.S., Japan, Korea and China.
China is busy building bridges and investing in infrastructure across the continent, in return for oil and minerals to fuel its rapidly expanding economy.
On Monday influential New York Times columnist Paul Krugman voiced his concern that China mines 97% of the global supply of the 17 elements that make up the rare earth minerals group.
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