Shares of rare earth, tungsten producers soar

SHANGHAI - Share prices of rare earth mineral and tungsten producers soared sharply on Tuesday after the government said it had stopped accepting applications for new mines in order to curb depletion of the valuable commodity.

The rare earth sector scored broad gains on Tuesday and ended up 1.26 percent, as 22 of the 26 stocks rose sharply.

Shares of Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co, the rare earth unit of Baotou Iron & Steel Group, rose nearly 3.83 percent to 24.75 yuan on Tuesday after hitting an opening high of 25.3 yuan.