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Rare earth metals ETF up as Vale speeds entry into market

Posted on 30 June 2011

The Market Vectors Rare Earth/Strategic Metals ETF (REMX) is up 1.3% today as base metals futures join the climb with oil and equities. Molycorp (MCP) is ahead by 1.8%, Lynas Corp. (LSDY) is up 4% and Thompson Creek (TC) has gained 2.1% so far.
Also giving REMX a boost is a report that Brazilian mining giant Vale SA (VALE) is speeding up studies on a planned entry into the mining of rare earths. The news came from Brazilian business newspaper Valor Economico, citing Vale’s Chief Executive Officer Murilo Ferreira……………………………………….Full Article: Source


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