Four Senators Oppose Chinese Mining Projects due to Rare Earth Issues
On March 15, 2011, Democratic Senators Schumer, Stabenow, Casey, and Whitehouse sent a letter to Treasury Secretary Geithner and Secretary of the Interior Salazar urging them to use their power to block Chinese mining projects both abroad and in the U.S. until China agrees to participate fairly in the global trade of rare earth elements (REEs).
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The Senators note that China controls production of more than 95% percent of the world’s supply of REEs critical in a wide range of industries -- from the electric cars to smart phone batteries to wind turbines -- but has increasingly been reducing the amount available on the world market, sending costs for industries that rely on REEs skyrocketing.