China said on Monday (Jul 3) it will impose export restrictions on
Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in electric vehicles, wind turbines, and consumer electronics such as iPhones.
Exports: Chinese exports of rare earths have declined. The country exported 20,987 metric tonnes in the first five months of 2023, down 4.4 per cent year-on-year, Chinese customs data showed.The United States sources most of its rare earth imports from China, but that dependence has eased to 74 per cent between 2018 and 2021, from 80 per cent during 2014 to 2017.
The episode led Japan, which had relied on China for virtually all of its rare earths, to find alternative suppliers to ease its reliance on China. It invested in Australian producer Lynas and had reduced the share of its imports of rare earths from China to 58 per cent by 2018.Rare earths are relatively abundant but occur in low concentrations and are usually found mixed together with one another, or with radioactive elements such as uranium and thorium.
Australia, Canada, the European Union and the United States have set out policies and support packages for their critical minerals sectors.
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