(Yicai Global) Oct. 8 -- China, which has the largest rare earth metal reserves in the world, has increased its mining and smelting quotas for this year by 20 percent from the year before to reach record levels.

The quota for rare earth mining will be 168,000 tons in 2021 and that for smelting and separation 162,000 tons, the Ministry of Industry and Information Technology and the Ministry of Natural Resources said on Sept. 30.

The allocations were given to six of the biggest players. China Northern Rare Earth Group High-Tech, for instance, obtained a mining quota of 100,350 tons, accounting for 67 percent of the total, and will be allowed to smelt and separate 89,634 tons, 55 percent of the total.

No business or individual can exceed these quotas as the production of rare earths is strictly controlled by the government, the ministries said.

Over a third of the world’s rare earth deposits, which consist of 17 minerals widely used in consumer electronics, glass, magnetic materials and industrial processes, are located in China at 44 million tons.

Editor: Kim Taylor