Brussels, 06/09/2011 (Agence Europe) - The European Union is building up stocks of rare earth metals, which are vital to the high tech sector, in order to reduce its dependence on China, a spokesman for European Industry Commissioner Antonio Tajani said on Tuesday 6 September.
“Firstly, we are working to ensure supply of these minerals from outside the EU, for example from Lain America, Africa or other countries such as Russia. Secondly, we are building up stocks to make better use of the materials we have in the EU”, said the spokesman. “We are trying to improve supply and to reduce dependence on China”, he added.
Producers of rare earth metals have had to increase production after China cut its exports last year. Rare earths are used in products from laptop computers to hybrid cars. Europe's largest producer of rare earths, Molycorp Silmet, a subsidiary of US firm Molycorp, said it had been approached by the EU about storage. The group produces niobium and tantalum which are used in steel making. (L.C./transl.rt)