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Posted on : Monday 9th March 2020 06:30 AM

China's Rare Earth Monopoly is Diminishing

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Rare earth elements, which are critical in the production of microchips, electronics, and electric motors, have grown to be exceedingly sought after, and for several years, these elements were almost entirely sourced in China. However, a couple of nations have, in recent years, either initiated production or increased their current production, resulting in a little more diverse rare earths market. 

The U.S. Geological Survey reports that China was still responsible for even more than two thirds of global production; however, it has also become clear that many countries are wary of depending on China's supply of rare earths, implying that other producers of the elements may have a market advantage. 

While China has the largest known deposits of the elements, Brazil, Vietnam, and Russia are regarded to have loads of untapped potential. The U.S., which produced rare earths previously for use in the military, has recently reentered the market as rare earths continue to become more lucrative and crucial in the implantation of technology.

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