22 October 2014
In our ongoing efforts to provide you with broader communications and industry information, we are pleased to issue this Industry Bulletin, which shares news coverage of recent comments made by Professor Dudley Kingsnorth of Industrial Minerals Company of Australia (“IMCOA”). While delivering an address at a recent conference in Milan, Italy, Professor Kingsnorth, a well-recognized analyst of the global rare earth industry, stated that 40% of China’s rare earth supply, for use in high strength magnets, is mined illegally. The news article covering the address, published by Simon Moores, Benchmark Mineral Intelligence, is reproduced below.
World's dominant supplier of rare earth elements reveals a huge portion of supply used in magnets is illegally mined; much larger than initially anticipated.