Short History about China Neodymium Magnet

Western countries risk running out of supplies of certain highly sought-after rare metals

that are vital to a host of green technologies, amid growing evidence that China, which has

a monopoly on global production.

Failure to secure alternative long-term sources of rare earth elements (REEs) would affect

the manufacturing and development of low-carbon technology, which relies on the unique

properties of the 17 metals to mass-produce eco-friendly innovations such as wind turbines

and low-energy lightbulbs.

China, whose mines account for 97 per cent of global supplies, is trying to ensure that all

raw REE materials are processed within its borders. During the past seven years it has reduced

by 40 per cent the amount of rare earths available for export.

Global demand has tripled from 40,000 tonnes to 120,000 tonnes over the past 10 years, during

which time China has steadily cut annual exports from 48,500 tonnes to 31,310 tonnes.