NEW YORK ( TheStreet) -- China's Commerce Ministry has announced that it will slash exports of rare earth minerals by 10% during the first half of 2011.

China is allocating 14,446 tons, or 13,105 metric tons, of rare earths among 31 companies.

According to a report from the AP, China is responsible for 97% of the global production of rare earths and minerals, and are relied on by technology companies for use in devices such as cell phones and computers.

"Relevant departments are in consultation on yearly rare earth export quotas for 2011, which will be decided after evaluating domestic output and demand at home and abroad, as well as requirements for sustainable development," said China's Commerce Ministry in a statement.

-- Written by Ross Tucker in New York.

>To contact the writer of this article, click here: Ross Tucker.

>To follow the writer on Twitter, go to http://twitter.com/rosstucker.

>To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

Gold Prices Waffle on U.S. Jobs Report, Europe

Gold Prices Take Another Beating on Eurozone Growth Fears

Gold Prices Keep Sliding as China Slashes Growth Expectations

Stocks to Watch: BP, AIG, GM (Update 1)

Gold Prices Recover After Wednesday's Bloodbath