NEW YORK, NY, Apr 06, 2012 (MARKETWIRE via COMTEX) -- Rare earth metals have been a hot topic in the news recently. The increasingly high prices and supply constraints have forced the US, along with Europe and Japan, to file a complaint against China with the World Trade Organization. China holds approximately 30% of global rare earth inventories. The Paragon Report examines the outlook for companies in the Rare Earth Industry and provides investment research on Molycorp, Inc. /quotes/zigman/595467/quotes/nls/mcp MCP -1.22% and Rare Element Resources Ltd. (nyse amex:REE) /quotes/zigman/5272976 CA:RES -2.99% .
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US officials are complaining that China has been hoarding stocks of rare earth metals critical for the manufacturing of hybrid cars, mobile phones, and weapons. This forces the US to deal with small supplies at high prices, while China has access to large inventories at significantly lower prices.
President Barack Obama said, "We've got to take control of our energy future and we cannot let that energy industry take root in some other country because they were allowed to break the rules. If China would simply let the market work on its own we would have no objections, but their policies currently are preventing that from happening and they go against the very rules that China agreed to follow."
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Molycorp, Inc. recently announced the closing of its previously announced placement of 12.5 million shares of Molycorp common stock with Molibdenos y Metales S.A. (Molymet), for approximately $390 million.
Rare Element Resources Ltd. recently announced rare earth element (REE) and gold assay results from 29 additional drill holes that were completed during the 2011 core drilling program at the Company's 100% owned Bear Lodge property, located in northeastern Wyoming, USA. These results include 15 drill holes from the Bull Hill resource area, six drill holes from the Whitetail Ridge area, four drill holes from the East Taylor target area, and four drill holes from the Carbon target area. Three drill holes from the 2011 program remain to be assayed.
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SOURCE: Paragon Financial Limited
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