China’s stranglehold on rare earths must be ended, says hopeful supplier to EU
Summary
A mining company called Viridis Mining and Minerals wants to supply rare earth materials to the European Union (EU) by 2028. China currently controls most of the world's supply of these important materials, and there are ongoing talks between President Donald Trump and China’s President Xi Jinping to ease China's export restrictions on rare earths.Key Facts
- Rare earth materials are used in many products like cars, wind turbines, and military jets.
- China controls about 80-90% of the world's rare earth supply and has export controls that affect global markets.
- China implemented export restrictions on rare earths in April 2025, impacting industries in the EU, UK, US, and Japan.
- President Donald Trump and President Xi Jinping will meet to discuss these issues and possibly make a deal to ease export controls.
- Viridis Mining, with assets in Brazil, Australia, and Canada, is working to provide an alternative rare earth supply to the EU by 2028.
- The EU wants to reduce its dependence on China and is seeking new sources of critical raw materials.
- China’s lower exchange rate makes its rare earth products cheaper, challenging EU companies to compete without Chinese imports.
- EU officials, including trade commissioner Maroš Šefčovič, are involved in talks with China and efforts to diversify supply chains away from China.
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