Export tax to be raised on rare earth

Move aims to protect environment, resources and regulate industry

BEIJING - Taxes will be increased on rare earth exports starting next year, the Ministry of Finance said on Tuesday, as China, the largest producer of the precious minerals, moves to protect the environment and its resources as well as regulate exports.

Rare earth, a group of 17 minerals, are a vital component in most of the world's new technologies and are used in high-tech processes ranging from wind turbines and hybrid cars to missiles.