Overview

• China controls approximately 70% of global rare earth mineral output and over 90% of refining capacity.
• The US and its allies have invested billions in subsidies and loans to develop their own rare earth supply chains, with limited success so far.
• A global price slump, driven by increased supply and a weakening Chinese economy, has undermined the viability of many new projects.
• Key projects in the US and Australia are experiencing delays and funding shortfalls, raising doubts about their ability to compete with Chinese firms.
• Historical efforts by Japan to reduce reliance on Chinese rare earths highlight the long-term commitment and financial support required to build a sustainable industry.