Related departments to promote rectification of the rare earth industry
2017-05-19 17:16:56 [Print]
In order to propel the special actions on cracking down illegal behaviors in the rare earth industry, on 9 May of 2017, the MIIT Raw Material Division (Rare Earth Department) convened a coordinating contacts meeting. NDRC, Ministry of Finance, Ministry of Land and Resources, Ministry of Environmental Protection, Ministry of Public Security, Ministry of Commerce, General Administration of Customs, State Administration of Taxation, State Administration of Industry & Commerce, General Administration of Quality Supervision, State Administration of Work Safety presented at the meeting.
The meeting reported the working progress of the special action. In November 2016, the MIIT, Ministry of Environmental Protection and Ministry of Public Security jointly issued Paper on Discussing the Special Action of Cracking Down Illegal Behaviors in the Rare Earth Industry, after then, people’s governments of 23 regions began to take thorough inspection on 415 exploitation, smelting and trading companies involved in the rare earth industry and discovered 61 illegal clues. Of which, 23 companies were rectified and 38 companies were under further inspection. The MIIT and related departments invited media and specialist to Guangdong, Hebei, Henan and Shandong to make onsite inspection and asked the local government to check problems found. The meeting also analyzed problems such as irresponsibility of the local government, oversimplified inspection, unfulfilled task and talked about countermeasures. Attendee stated that they will strengthen the inspection and promote the rectification to punish illegal companies, meanwhile, those who neglect their duties would be criticized. Next, related departments will organize inspection team to make examination.
After the rectification previously, the operation of the rare earth industry improved. Operational revenue of major business rose by 21% YOY in Q1 2017 with profit increasing by 29% YOY. By the end of April, prices for LaBr oxide, neodymium oxide and terbium oxide rose by 35%, 5% and 31% YOY respectively.
The meeting reported the working progress of the special action. In November 2016, the MIIT, Ministry of Environmental Protection and Ministry of Public Security jointly issued Paper on Discussing the Special Action of Cracking Down Illegal Behaviors in the Rare Earth Industry, after then, people’s governments of 23 regions began to take thorough inspection on 415 exploitation, smelting and trading companies involved in the rare earth industry and discovered 61 illegal clues. Of which, 23 companies were rectified and 38 companies were under further inspection. The MIIT and related departments invited media and specialist to Guangdong, Hebei, Henan and Shandong to make onsite inspection and asked the local government to check problems found. The meeting also analyzed problems such as irresponsibility of the local government, oversimplified inspection, unfulfilled task and talked about countermeasures. Attendee stated that they will strengthen the inspection and promote the rectification to punish illegal companies, meanwhile, those who neglect their duties would be criticized. Next, related departments will organize inspection team to make examination.
After the rectification previously, the operation of the rare earth industry improved. Operational revenue of major business rose by 21% YOY in Q1 2017 with profit increasing by 29% YOY. By the end of April, prices for LaBr oxide, neodymium oxide and terbium oxide rose by 35%, 5% and 31% YOY respectively.
