The Not-So-Secret Weapon of China: Rare Earth Metals
While the onset of the coronavirus pandemic has triggered a gradual shift in global supply chains that will likely reduce the dominance of China in the manufacturing of consumer goods, the Asian country has another, perhaps even more important, ace up its sleeve: rare earth metals, an analysis by news portal Mandiner warns.
The name “rare earth” refers to the 17 elements that occur in significant amounts in the earth’s crust, but concentrated mineral deposits from which they can be extracted economically are quite rare. Their importance is enormous in the 21st century, as they are essential in the manufacture of computers, smartphones and other technical devices due to their special physical properties.
To name just one of them, which the average reader has probably never heard of before: Cerium is used in catalytic converters, LCD and plasma screens, oil refining, rechargeable batteries and smartphones. China controls 70 percent of the annual 9,104 tons of Cerium exported around the world, with over half going to Japan and another 20 percent to the United States.
