By: Caroline Adana
The trade war ramps up as China is considering curbing its export of rare-earth metals. Since these metals are essential in electronics, solar panels, and electric vehicles, China puts pressure on President Joe Biden’s plans to switch U.S. energy production from fossil fuels to renewables.
Background
Rare-earth metals are atomic elements crucial to various high-technology industries such as semiconductors used in electronics, solar panels, and batteries used in electric vehicles and mobile phones.
Without these minerals, IBM, Google, Tesla, Microsoft, Apple, Amazon, and all other high-tech companies could not exist. Considering that these companies make up more than 80% of the total value of the S&P 500, it is no exaggeration to say that rare-earth minerals are strategic assets vital to national interests.
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Factbox: Miners gear up global rare earth projects as prices surge | Hellenic Shipping News Worldwide
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By Reuters Staff
4 Min Read
(Reuters) - Miners are seeking to take advantage of a jump in the prices of many rare earth elements, needed for permanent magnets used in low-carbon technologies as well as myriad other applications such as weapons systems.
Aerial view of the Kringlerne rare earth deposit, where the project is lead by Australian mining company Tanbreez, near the town of Narsaq in southern Greenland, in this undated 2015 handout photo. Tanbreez CEO Greg Barnes/Handout via REUTERS
The rally has been driven by surging demand for electric vehicles as well as concerns that Beijing may restrict sales.
Factbox: Miners gear up global rare earth projects as prices surge
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