China to hike rare earth tax
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China will set a tax on rare earth minerals starting April 1, according to a statement issued jointly by the Ministry of Finance and the State Administration of Taxation to rare earth producers.
The move is the latest example of China's efforts to slow the export of minerals that are key to the current crop of high-tech devices.
Zhang Zhong, general manager of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, the country's leading rare earth producer, confirmed Thursday that the company had received the statement.
According to the statement, taxes will rise to either 30 yuan ( $9.1) or 60 yuan ($18.2) per tonne, depending on whether the elements are categorized as light or heavy.
Zhang said the tax would increase the company's production costs by about 720 million yuan this year.
