Metals found in hybrid batteries, diesel fuel and headlight glass could again be subject to China’s ever-changing rules for rare earth exports.
On Wednesday, Molycorp announced that it would be suspending its mining operations of rare earth metals in California, but keep its mines in China and Estonia open for the time being.
The company, which went public in 2011, has fallen on hard times. In June, the company filed for Chapter 11 bankruptcy protection and slowing demand in China isn’t helping. However, without a mine in the U.S., much of the rare earth metal mined in the world could be under Chinese government purview, and that’s not good. (Read More…)