How China came to rule the world of rare earth elements
Summary
China has gained control over the global supply of rare earth elements, materials important for technology and defense industries. Despite being abundant, rare earth elements are mainly processed in China, allowing the country to influence global production and supply.Key Facts
- Rare earth elements, though common, are mostly refined in China.
- These elements are crucial for electronics, like smartphones, and defense systems, such as fighter jets.
- China tightened control over the supply chain for rare earths, influencing global markets.
- U.S. and European companies faced production issues due to China's policies.
- Previously, the U.S. was a leading producer of rare earths, especially from the Mountain Pass mine in California.
- China developed its rare earth industry over decades by learning from global competition.
- The industry in China once had many small, competing enterprises before consolidation.
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