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The price of rare earths metals has jumped since the Chinese regime began restricting export volumes. In February, rare earths broke through the $100,000-per-tonne mark. That's nine times the price since a year ago.
Rare earths metals are crucial to the world's modern technology. They're essential for making parts for things like iPads, hybrid car batteries and precision-guided weapons. The Chinese regime controls 95% of the world's supply of the 17 rare earths metals.
The jump in value happened after the Chinese regime cut quotas and raised tariffs on rare earths exports. In the beginning months of this year, export volumes were the lowest since February 2009. That's when demand dived with the global financial crisis.
The Chinese regime has been criticized by its trading partners for hoarding the metals. Last week, two U.S. senators urged the White House to block Chinese mining projects in the country until the Chinese regime loosens control of the resource.