What are rare earth minarals?
Rare earth minerals are a group of 17 magnetic elements such as Lanthanum, Neodymium, and Europium, which play a crucial role in modern technology. These minerals are essential for making smartphones, electric cars, computer chips, military equipment, and green energy solutions. Without them, several industries — especially the automobile and electronics sectors — could face major disruptions, even leading to production halts.
Currently, over 70% of the world’s rare earth supply comes from China. Recently, China has decided to expand its export restrictions on several rare earth elements including Holmium, Erbium, and Ytterbium, raising the total number of restricted elements to 12.
In addition, Beijing has also imposed export restrictions on semiconductor and defense-related technologies, as well as on materials used in electric vehicle batteries, such as lithium batteries and graphite anodes. China has justified this move citing national security concerns.
Experts believe this decision could lead to a global supply chain crisis, affecting the availability and cost of high-tech and green products. Countries around the world may now be forced to find alternative sources or develop local production capabilities
Discover more from zaruribaat.blog
Subscribe to get the latest posts sent to your email.