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Commodities

China says rare earths belong to state in new regulation

Rule takes effect Oct. 1 with reach over entire supply chain

China accounts for about 70% of global production of rare earths, according to the U.S. Geological Survey.   © Reuters

BEIJING -- China's rare-earth resources belong to the state, the government said in a new regulation that will take effect Oct. 1.

"No organization or individual may encroach upon or destroy rare-earth resources," according to the text of the regulation published Saturday, which says its aim is to "ensure national resource security and industrial security."

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