Jul. 1 at 3:07 PM
China introduced stringent regulations governing the mining, smelting, & trade of rare earth elements, effective from Oct 1 - effectively, nationalizes the industry & rare earth commodities.
Under the new rules, govt oversight will extend to the entire rare earth production process, including mining & refining.
China's dominant position as the world's leading producer of refined rare earth materials—supplying about 70% globally.
The move follows previous restrictions on exports of critical metals like germanium and gallium, as well as bans on certain technologies related to rare earth processing and magnet production.
US Defense Department has identified these minerals as a critical concern due to their indispensable role in military technologies like submarines, aircraft, missiles, and radar systems.
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