INTERVIEW-UPDATE 1-Canada sees opportunity in rare earths

Wed Nov 10, 2010 11:10am GMT

* Chinese approach to rare earths troubling - trade minister

* Sees Canada meeting some rare earth needs in longer term

* No tradition of helping industry with financial support

* Open to investment from China if net benefit to Canada (Adds background, details)

By Chang-Ran Kim

YOKOHAMA, Japan, Nov 10 (Reuters) - Canada's trade minister said China's approach to supplying rare earth minerals to the world was troubling but presented an opportunity for resource-rich Canada to step up to the plate.

"Everybody is concerned about supply of rare earths," Peter Van Loan told Reuters on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting.

"The approach of the Chinese is troubling because it is not a market approach that they've adopted."

Rare earths, a group of 17 metals essential to high-technology goods from LCD televisions to hybrid cars, are difficult to source outside of China, which produces more than 97 percent of the global supply.   Continued...

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.2617
Euro USD =1.1124
Rand USD =0.0764