Beijing’s recent export controls on rare earths have spurred a flurry of international efforts to diversify supply chains and reduce China’s long-standing dominance in critical minerals.
In June, the Ministry of Commerce announced that it would approve qualified export applications and was open to discussions with other countries regarding the restrictions. But as rare earths emerge as a new front in the US-China rivalry, companies worldwide have announced plans for a string of projects designed to break dependence on Chinese supplies.
On July 2, the Australia-listed St George Mining announced in an email that it had begun identifying enriched mineral zones at its fully-owned Araxá niobium-rare earth elements project in Brazil.
Two weeks earlier, US companies Kaz Resources and Cove Kaz Capital issued a statement about their partnership with Kazakhstan’s national geological company to explore and hold metallurgical tests at the Akbulak rare earth project.
To fund a rare earth project in southern Greenland, the Nasdaq-listed Critical Metals Corp said in June that it had secured a loan of up to US$120 million from the US Export-Import Bank.
In May, Australia-listed Lynas Rare Earth said it was producing dysprosium oxide in Malaysia, making it “the only commercial producer of separated heavy rare earth products outside China”, according to the company.
