BEIJING (Reuters) - China's decision to slash export quotas of rare earth elements was a necessary step to protect the country's environment, commerce minister Chen Deming said following criticism from Japanese officials.
"Mass extraction of rare earth will cause great damage to the environment and that's why China has tightened controls over rare earth production, exploration and trade," Chen was quoted by state news agency Xinhua as saying on Saturday.
China issued export quotas for 30,258 metric tones by the end of July, down 40 percent compared to last year, following a nationwide campaign to consolidate the sector and clamp down on illegal production.
