The Global Battle for Rare Earth Metals

China has dominated global rare earth metal production for the past 30 years, accounting for more than two-thirds of global output by 2023.

Rare earth metals are a group of 17 chemically similar elements that are integral to modern technology. From neodymium, used to make powerful magnets that can withstand extreme temperatures, to beryllium, used to make lightweight materials for fighter jets, these elements have a variety of critical technological uses.

While rare earth metals are not particularly rare, they are rarely found in pure form and are often mixed with other minerals, which makes them expensive to mine.

Global production of rare earth metals has surged over the past three decades, from 75,700 tonnes in 1995 to more than 350,000 tonnes in 2023, reflecting growing demand for these metals for high-tech applications.

Separating and processing rare earth metals is an integral step in the supply chain, and China has a near monopoly in this process. China currently processes 90% of rare earth metals and 99.9% of heavy rare earth metals, which means that China imports metals from other countries and processes them.

In December 2023, China banned the export of rare earth metal extraction and separation technology, hoping to strengthen its dominance in the global supply chain of critical minerals.

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