China Just Slashed Its Rare Earth Metals Exports By 11%

China has gone through with expected cuts to its rare earth exports, reducing quotas for 2011 by 11%, according to Bloomberg.

The Chinese government insists the move is about protecting the environment from further mining.

The decision is likely to have an impact on related stocks in the U.S. today, like Molycorp, which did rise yesterday by 9.02% in advance of the move. The rare earth metals ETF, REMX, was higher 6.43% in after hours trading yesterday.

For background, here’s why everyone is so bullish on rare earth metals >

Molycorp is up a further 3.16% in the pre-market this morning.

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