US Mining Companies Show New Interest in Rare Earths
14 October 2010
The area near Molycorp's rare earths mine in Mountain Pass, California
This is the VOA Special English Economics Report.
Today we continue our report on the group of chemical elements known as rare earth metals. These are mined from the earth and used to make technology from mobile phones to missiles.
The United States once led the world in rare earths. Today China controls almost all production. Premier Wen Jiabao says China will not use these metals as a diplomatic weapon. But Japan says exports meant for that country have remained at Chinese ports as a result of a recent dispute.
The United States stopped mining rare earths in two thousand two. Companies blamed environmental rules and low-priced imports from China. But now exploration is moving forward again.
Edward Cowle is president and chief executive of a company called U.S. Rare Earths. He and his partners gained rights to some land in the American West about fifteen years ago. They had been interested in thorium -- a radioactive element that can fuel nuclear reactors but not be processed into weapons.
Mr. Cowle later found that the land also held a lot of rare earth metals -- lately a subject of intense interest.
EDWARD COWLE: "In these two years since we changed our name to Rare Earths, the media attention has been unbelievable."
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