Select state-owned enterprises will be the only ones permitted to mine rare earths, state media reported. The legislation, drafted by the Ministry of Industry and Information Technology and the National Development and Reform Commission, is part of continuing efforts to crack down on resource exploitation and illegal mining. The Ministry of Land and Resources will issue licenses to select firms after they have been approved by the State Council, and although the short-list of firms has yet to be revealed, private firm collaboration will be limited to shareholding arrangements. China produces 97% of the world’s rare earths, which are vital to the production of many high-tech devices, but the price per ton of the minerals has risen only 20% since 1979 even as global demand has tripled. It is hoped that the new legislation will cut down on excess supply that has kept prices low.