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Molycorp, Rare Element gain as China reportedly looks to curb rare earth exports

Rare earth mineral developers Molycorp (MCP) and Rare Element (REE) are advancing, after reports indicated that the Chinese government is looking to further restrict exports of the minerals. Beijing is preventing Baotou Steel - the world's largest producer of the minerals - from exporting its products due to "environmental concerns," according to The Sydney Morning Herald. Baotou accounts for nearly 50% of the worldwide production of rare earth minerals, the newspaper added. Meanwhile, China is considering slightly reducing the 2012 export quotas for rare earth minerals, reported CapitalVue, which cited The China Securities Journal. In early trading, Molycorp gained $1.14, or 4.31%, to $27.57, while Rare Element Resources advanced 12c, or 3.03%, to $4.08.