Rare Element Resources Falls 7.1% Over Future Demand Concerns (REE, TM)

Shares of Rare Element Resources Ltd REE ended the Friday trading session down 7.1% at $13.40 per share. Rare earth stocks took a hit after it was reported by Bloomberg that Toyota Motor Corporation TM was looking to build hybrid vehicles without the use of rare earths metals, due to ongoing supply concerns. The day's range for shares of Rare Element Resources Ltd was between $13.01 and $14.30 per share. Volume of 7.5 million shares was well above the daily average volume of 5.6 million shares. Rare Element Resources Ltd (REE) is a publicly traded mineral resource company focused on exploration and development of rare-earth elements and gold on the Bear Lodge property. Read more from Benzinga's Company news.