China's rare earth stocks jump after reports of resources survey

China Rare Earth Holdings

12/06/2019 02:50

** Shares in China's rare earth-related firms climb,
following a media report that Beijing launched a resources
survey
    ** China launched a survey of rare earth resources in seven
regions on Monday, the China Securities Journal reported, amid
speculation Beijing may curb exports of the materials to the
United States  urn:newsml:reuters.com:*:nL4N23I2TZ 
    ** The campaign, mainly directed by the country's state
planner, might lead to a reduction of rare earth output and push
up prices, as Beijing is expected to crack down on illegal
mining and trade of the critical elements, said the newspaper,
citing an unidentified industry insider 
    ** Leading the gains, Chengdu Galaxy Magnets Co Ltd
 300127.SZ , Yantai Zhenghai Magnetic Material Co Ltd
 300224.SZ  and Jl Mag Rare-Earth Co Ltd  300748.SZ  all soar by
their 10% daily limit 
    ** Major rare earth producers China Northern Rare Earth
Group High-Tech Co Ltd  600111.SS , China Minmetals Rare Earth
Co Ltd  000831.SZ , Xiamen Tungsten Co Ltd  600549.SS , Rising
Nonferrous Metals Share Co Ltd  600259.SS  and Shenghe Resources
Holding Co Ltd  600392.SS  rise by 3.2%-7.1%
    ** In Hong Kong, China Rare Earth Holdings Ltd  0769.HK 
adds 3.3% to the index
    ** As of previous close, the CSI rare earth industry
 .CSI930598  up 56.1% so far this year
    ** The United States will team up with Canada and Australia
to help countries around the world develop their reserves of
minerals such as lithium, copper and cobalt, the State
Department said on Tuesday, part of a multi-pronged strategy to
reduce global reliance on China for materials crucial to
high-tech industries  urn:newsml:reuters.com:*:nL2N23I0NK 

 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))