Democratic Senators Chuck Schumer and Debbie Stabenow said in a statement released by Schumer's office that they aimed to address China's "hoarding" of the lucrative metals, which are indispensable in making many high-tech products.

The lawmakers said they would release a letter to US Treasury Secretary Tim Geithner and Interior Secretary Ken Salazar to use their powers to thwart Chinese mining projects until Beijing eases curbs on the strategic trade.

The senators said Beijing "has increasingly been reducing the amount available on the world market, sending costs for industries that rely on REEs skyrocketing" and creating "both an economic and national security problem."

They urged Geithner to direct US envoys to multilateral banks, including the World Bank, to oppose funding for any Chinese financed mining project overseas and Salazar to block any Chinese-funded mining project on US soil.

Schumer and Stabenow were to hold a conference call with reporters on Tuesday to detail their request.

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