August 24, 2010 / 9:26 PM / 9 years ago

UPDATE 1-Rare Element Resources shares soar for second day

* Shares close up 14.71 percent at $3.90

* Says working on processing plan for Bear Lodge REEs

TORONTO, Aug 24 (Reuters) - Shares of Canada’s Rare Element Resources RES.V closed up nearly 15 percent for the second day in a row on Tuesday.

The rare earths are a group of 17 related metals used in a variety of technologies from hybrid cars to cellular telephones.

China dominates global production with 95 percent of the global supply. Last week, the Chinese government cut exports for 2010 by 40 percent in an effort to tighten its grip over the industry, according to a report by a Chinese newspaper.

Shares in the Vancouver-based company rose 31 percent in the first two days of the week, closing at C$3.90 on the Toronto Stock Exchange Venture Exchange on Tuesday, up from a close of C$2.98 on Friday.

Rare Element said in a press release that it was not aware of any reason for the jump in share price.

The junior miner also said it is working on a plan for processing rare earth metals mined at its 100 percent owned Bear Lodge property in Wyoming.

Reporting by Julie Gordon

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