Rare earths are needed for everything from consumer electronics to electric vehicles, wind turbines and fighter jets – and China controls the supply chain. In a four-part series, we look at the race for rare earths, starting with the contest for reserves in developing countries.
China controls some 60 per cent of global mining of rare earths, over 85 per cent of their processing, and more than 90 per cent of permanent magnet production – used in everything from cars to medical devices and wind turbines.
That leaves the US and other Western nations vulnerable, and many are now scrambling to diversify their supply chains away from China.
Analysts say that while there are multilateral efforts under way to reduce reliance on China they are largely diplomatic, and there is a lack of investment or technical expertise to move away from Chinese supply.
They also say that developing countries with rare earths are emerging as the new front line of a high-stakes contest between China and the West.
