Rare earth major cuts production

Oversupply and illegal mining force company to scale down annual output target for 2015

China Northern Rare Earth (Group) High-tech Co Ltd said on Tuesday that it was effecting a 10 percent reduction in its rare earth output target, as prices have fallen sharply due to oversupply and illegal mining.

The company, China's largest rare earth miner, said its reduced rare earth output for this year would be 2,596 metric tons. The move, the company said, will "help stabilize the market and prop up prices of rare earth products".