"China's dominance is truly massive,"
"It's going to take years to build up independent supply chains in the West,"
China accounts for roughly 92% of global rare-earth refining and 98% of magnet production, giving Beijing powerful leverage in trade and policy-driven market moves. Rare earth elements comprise 17 metals that are critical to defense systems and advanced semiconductors. The global rare-earth market is much smaller than major base metals by production value yet carries outsized strategic importance. Western governments have pledged billions to rebuild domestic capacity, but building a mine typically takes about ten years and constructing a refinery about five years. Efforts to diversify supply chains include agreements with Japan and Southeast Asian nations and high-level diplomatic engagement.
Read at Business Insider
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