NEW YORK, NY--(Marketwire -09/12/11)- The Paragon Report examines investing opportunities in the Rare Earth Industry and provides equity research on Molycop, Inc. (NYSE: MCP - News) and Great Western Minerals Group Ltd. (TSX-V: GWG.V - News) (Pinksheets: GWMGF.PK - News). Access to the full company reports can be found at:
The 17 elements that are classified as "rare earth" are becoming an increasingly important part of our daily lives. Rare earth metals are the life blood of modern computers, batteries and alternative energies. Contrary to the name, rare earth metals aren't particularly rare and can be found in most any continent.
Despite the worldwide abundance of Rare Earth Metals, China has a monopoly on the industry. According to recent statistics posted in Reuters, China accounts for as much as 95 percent of global production of rare earth elements. Total production in China for 2011 has been capped at 93800 tonnes, while exports have been restricted to 30,184 tonnes. With China capping production, and few other countries producing rare earths, the price of the 17 elements has skyrocketed over the last year.
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Rare Earth miners worldwide are finally responding to the rally in prices. Australia, South Africa, Alaska, Canada and Sweden are considered to have the leading mines in terms of quality outside of China.
Colorado-based Molycorp Inc. plans to increase output to 40,000 tons a year by the end of 2015. Molycorp reported second-quarter earnings of 52 cents a share, beating analyst expectations of 40 cents a share, according to Thomson Reuters.
Last week Great Western Minerals Group announced the selection of Drillcorp Africa Ltd as the drill contractor for its upcoming exploration and resource evaluation program at the Company's Steenkampskraal Rare Earth Element project in South Africa.
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