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GREAT WESTERN MINERALS GROUP ASSESSES LATEST CHINESE RARE EARTHS EXPORT REDUCTION
GREAT WESTERN MINERALS GROUP ASSESSES LATEST CHINESE RARE EARTHS EXPORT REDUCTION.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. NEWS RELEASE TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP ASSESSES LATEST CHINESE RARE EARTHS EXPORT REDUCTION July 19, 2010 - Saskatoon, Canada. Great Western Minerals Group (\"GWMG\" or the “Company”, TSX:V – GWG) today commented on the most recent of a series of export reductions from China. “This export scale-back from China is simply the latest in a continuous reduction in their export quotas,” stated GWMG President and Chief Executive Officer Jim Engdahl. “The ‘shrinking supply scenario’ is precisely what we projected when we developed our business model that includes GWMG’s Rare Earths processing capacity, our planned mining inputs from Steenkampskraal and our exploration properties in North America. We foresaw reductions in exports from China and exponentially increasing demand globally. And that is precisely what is happening.” Chinese Export Quotas 2005-2010**YearRE Export Quota*% ChangeDemand Outside ChinaSurplus (Shortfall)200565,609t 48,000t17,609 t200661,821t-6%53,000t8,821 t200759,643t-4%55,000t4,643 t200856,939t-5%54,000t2,939 t200950,145t-12%25,000t25,145 t201030,258t-40%53,000t(22,742 t) * Includes local and foreign-invested company quotas** Source: IMCOA, Metal Pages Adding a punctuation mark to the six year trend line, quotas for Rare Earths exports from China have been reduced from 22,282 tonnes in the first half of 2010 to only 7,976 ...