 "China tightens grip over management of rare earths with new regulation")
China has reinforced its control over the rare earth industry with the approval of its first comprehensive regulation covering the mining, metal smelting, and distribution of these critical minerals.
Announced by the State Council on its website, the new rules assert that rare earths are national assets, stating that no organization or individual is permitted to claim ownership.
Effective from October 1, these regulations designate the state as the manager of the protective mining of rare earth resources. Government agencies will oversee the total volumes of rare-earth mining and smelting and implement a product traceability system to monitor their movement from extraction to end-use, Bloomberg reported, adding that the regulation also includes strict penalties for illegal activities related to the production of rare earths.
Rare earths are a group of 17 metals used to make magnets that turn power into motion for use in electric vehicles, wind turbines and electronics.
Last year, China, the world’s top processor of rare earths, banned the export of technology to make rare earth magnets, adding it to a ban already in place on technology to extract and separate the critical materials.
China, which dominates approximately 70% of the global production of rare earths, has been consolidating its hold on the industry. These materials are essential for high-tech manufacturing and the transition to green energy. The consolidation efforts culminated in the formation of the China Rare Earth Group Co. in 2021, created through the merger of several major producers. This latest move further cements China’s position as a global leader in the supply of refined rare earth elements, lithium, and graphite.
The regulation aims to ensure sustainable and regulated development of the rare earth industry, which is crucial to the nation’s strategic economic interests and its role in global supply chains for advanced technologies.
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