Rare earths are needed for everything from consumer electronics to electric vehicles, wind turbines and fighter jets – and China controls the supply chain. In the last of a four-part series, we look at how countries are looking for alternatives that could help reduce their reliance on China.
The move sent waves of concern through the supply chain as the price of these magnets soared, leading countries to examine their reliance on Chinese minerals in certain key sectors.
But strong demand for rare earth permanent magnets, which are used in everything from mobile phones, electric cars and wind turbines to defence systems, has made this difficult to achieve.
In April this year, Beijing tightened its export controls on magnets and seven rare earth elements, three of which – samarium, dysprosium and terbium – are also often used to make magnets.
According to a 2022 report by the US Department of Energy, America accounted for 16 per cent of total rare earth mine production in 2020, while China accounted for 60 per cent.
