Chinese rare earth producer, Baotou Steel Rare Earth (Group) Hi Tech, has acquired approval from the regional government of Inner Mongolia to launch an exchange to trade rare earth metals, Reuters reports. Baotou along with Inner Mongolia Hi-Tech Holding will manage the exchange. The exchange will handle spot transactions of the minerals, 17 elements essential for the manufacture of everything, including iPods, electric cars and missiles, adds The Australian. The exchange cannot deal in futures trading.
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Click here for the additional coverage from The Australian.