Beijing dominates the global supply of minerals that are critical for modern technology
It could take the West up to ten years to challenge China’s dominance in rare earths, Goldman Sachs has warned. The minerals, critical for most modern technology, remain at the center of a trade dispute between Washington, the EU and Beijing.
China accounts for over 90% of global rare-earth refining and 98% of all magnet production, according to data from the International Energy Agency and industry analysts.
While China mines about two-thirds of the world’s rare-earth ore, it also dominates the processing and manufacturing stages that transform those…
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