Tasman Metals Ltd. (“Tasman”) TSXV – TSM; Frankfurt – T61; Pink Sheets – TASXF). Mr Mark Saxon, President & CEO, highlights recent statements from European trade and industry leaders regarding the impact of restrictions on rare earth element (REE) availability on European industry. Global REE trade is highly concentrated, with China currently supplying 97% of all REE’s consumed. China controls REE availability to Western consumers via a system of export quotas and taxes. Due to current tightness of REE supply, prices of REE’s have risen on average 300% over recent months.
In a recent interview to Reuters (November 10th 2010), European Trade Commissioner Karel De Gucht said “he would press China for assurances on rare earth supplies in talks next month”. As further reported, “the European Union is struggling to secure supplies of rare earth minerals …. and has said it could take legal action against China for cutting down on exports”.
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Source: TradingMarkets.com