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In recent months we've heard a lot about rare earth elements. Rare earths are comprised of 17 elements used in high tech applications such as laser guided weapons and hybrid car batteries. The elements are often referred to as "21st century gold."Why such concern about rare earth metals? First and foremost China controls 97% of rare earth production. Now China has embarked on a new program of stockpiling rare earths, as reported in the Wall Street Journal. In China, the Ministry of Land and Resources is managing this new program. New storage facilities are being built and managed by the world's largest rare earth government controlled Baotou Steel Rare Earth (Group) Hi Tech Co. Chinese state media say the stockpile may total 100,000 metric tons. To make things worse, China has been restricting exports of rare earths.
There is a big brouhaha in the rare earth metals sector. China, which produces 97% of these metals, has reportedly limited exports for 2011. Rare earth metals are necessary for everything from high powered wind turbines to iPhones.
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