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China’s rare earth industry – responsible for almost 90% of global output – suffered a sharp drop in profits last year despite modest revenue growth reportsXinhua.

Industry revenue was close to $12.6 billion (77 billion yuan) last year, up nearly 8%, but profits slumped 28% to less than $1.3 billion, as prices for the elements a variety of industries including green technology, defence systems and consumer electronics, continued to fall, according to China’s Ministry of Information and Technology.

China has been cracking down on the industry for years to curb illegal mining, smuggling and environmental devastation, but progress has been slow.

Read more at: http://www.mining.com/chinas-rare-earth-profits-fall-98385/