China’s stranglehold on rare earths has been thrust into the spotlight with President Obama’s announcement that the US, Japan and Europe are initiating a case against China’s export controls of rare earths.
Although China is resource-poor in most commodities, it produces more than 90 per cent of the world’s rare earths because its mining costs are so low.
China’s grip on rare earths supply, such as neodymium oxide used in hard drives and magnets, and its ability to halt exports, has alarmed foreign governments, who have been racing to develop alternative sources.
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