1:24 (Dow Jones) India planning to boost its production of rare earth metals, according to Mineweb. The mining website reports that a government strategy paper is "in the works" to give impetus to exploration and discovery of rare earth elements, while state-run Indian Rare Earths has received environmental clearance to begin production.
India currently imports the metals from China but has been affected by its neighbor's export cuts. Several Western companies, including Denver's Molycorp (MCP), Canada's Avalon Rare Metals (AVL) and Australia's Lynas (LYSDY), are also racing to find stable sources closer to home. MCP down 1.2%, AVL up 2%.
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