5 Oct 2010

Australia set for 'rare earths' boom


Rare earths, the little-known elements behind everything from iPods to hybrid cars and eco-friendly light bulbs, are set to boom in Australia thanks to an export clampdown by China, experts say.

Industry sources and analysts say Australia's vast reserves of the obscure metals with highly prized properties could make it one of the world's leading producers in just a few years.

"By about 2014 we should be one of the dominant suppliers of rare earths to the world. And we will compete with China for that," a long-term investor told AFP.

"We're a small country but we're going to be the Saudi Arabia of rare earths."
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