Rare earths are vital minerals used in magnets for electric vehicles, electronics, defense systems, and renewable energy. The U.S. Treasury Secretary criticized China’s recent export restrictions on rare-earth technologies, calling it “China versus the world.”
Despite their name, rare earths are not scarce. The 17 heavy metals — including dysprosium, neodymium, and cerium — are abundant, with the U.S. Geological Survey estimating 110 million tonnes of global deposits. China holds 44 million tonnes and leads production, followed by Vietnam, Brazil, Russia, and India.
Mining and refining rare earths are costly and environmentally hazardous due to toxic waste. These minerals are critical for products like light bulbs, smartphones, catalytic converters, and wind turbines. Neodymium and dysprosium enable strong, durable magnets essential for renewable energy systems.
China dominates the global market, controlling most refining operations and patents, making other nations reliant on its supply chain. New export rules requiring licenses have intensified global concern over supply stability.
The U.S. and European Union are investing in alternative sources and recycling to reduce dependence on China. Japan, after experiencing a rare earth export halt in 2010, has diversified through deals with Australia’s Lynas and expanded recycling efforts.
As the race for control over rare earths intensifies, these strategic metals remain at the core of future technology, clean energy, and global power competition.
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