China Backs Up Ailing Rare Earths Industry with Special Fund

Author:China ESCN News     Source:ESCN     Click:235     Publish time:2012/11/23 14:14:04

It was announced on this Wednesday that China will earmark special funding from its central budget to back up a restructuring of its rare earths industry.

With this funding, local governments could crackdown  illegal mining, upgrade enterprises' facilities for higher environmental standards, research and development and high-tech applications, the Ministry of Finance said.

Rare-earth miners that have passed the country's environmental checks will be given an allowance of 1,000 yuan (158.73 U.S. dollars) per tonne of their production capacity in terms of rare earths oxide. The allowance for smelting companies will be 1,500 yuan per tonne of their production capacity, according to a statement posted on the ministry's website.

Financial support to authorized high-tech application projects will be up to 20 percent of their annual investment and the total amount will not exceed 50 million yuan for a single project, it said.


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