Cobalt

Japan and India have reached a basic agreement to jointly develop rare earths, used in the production of several high-tech goods from weapons to cell phones, and supply Tokyo with about 14% of its rare earth needs.

Australian rare earths miner Lynas Corporation (ASX:LYC), has filed a defamation action against Malaysian protestors and opponents over their criticism of the company's rare earth plant (LAMP), which will process ores shipped from Western Australia.

RareMetalBlog reports the Russian government has begun creating the conditions needed for an active resumption of rare earth production- the rationale being increased domestic demand for high-tech industry and the spectre of more export restrictions by China.

"What is new is the growing awareness of its implications for our nation, particularly in a highly competitive world economy in which the demand for minerals continues to grow, especially in fast growing economies led by China and India."

Mount Kellett Capital Management, a 20% shareholder in Baja Mining (TSX:BAJ), has escalated the war of words between the two companies by demanding the resignation of Baja CEO John Greenslade following a damning announcement of cost overruns at Baja's Boleo project.

Declines in Chinese rare earth export prices coming off 2011's record highs have been stark. But this year some light REEs have halved again and some heavies are now almost $2,500/kg cheaper.

Toronto-based Sherritt International had a rough quarter, revealing on Wednesday a 50% drop in earnings from $63 million to $32 million when measured against the same quarter of 2011.

In 1992 in the junior mining sector, nobody was paying attention to diamonds. Then Lac de Gras was discovered. Within four years, there were 200 diamond exploration companies. Twenty years later, there are six junior companies still in the game. The REE junior space will be similar, but in a shorter timeframe.

Google's billionaire co-founders Larry Page and Eric Schmidt and filmmaker James Cameron will officially announce today plans to mine asteroids. The company's presentation will be broadcast live today at 1:30 p.m. ET.