As the world mines new rare earth veins, is China still king of the mountain?
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China's status as the world's top exporter of rare earth minerals is being challenged as more countries, including Australia, the United States, Myanmar, Laos, Malaysia, and Vietnam, find and explore their own reserves. China's share of total rare earth exports has dropped from about 90% a decade ago to roughly 70% in 2022. The global supply chain for rare earth minerals is diversifying, leading to more options for foreign buyers and potentially lower prices. However, China still has expertise and a mature network of companies in refining rare earth minerals. The United States has restarted some rare earth mining operations to reduce dependence on China. Environmental concerns and regulations are factors in the extraction and export of rare earth minerals. China has implemented its own environmental and industrial standards to protect the environment.
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