Downstream Effects of China's Rare Earth Mining
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Executives and officials criticise US government deal to buy into country’s only producing rare earths company
China's Ministry of State Security on Friday said foreign spy agencies had tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeted at its critical mineral sector.
The Pentagon’s landmark deal with MP Materials has sparked a rare earths rally, reshaping U.S. supply chains and attracting major investments from Apple and Wall Street.
The money will allow the business, with operations including a mine in California and a factory in Texas, to dramatically increase production of the magnets needed for fighter jets, electric vehicles,
Japan and the European Union will consider joint public-private partnerships as they look to reduce their reliance on China in areas such as the procurement of rare earths, the Nikkei newspaper reported on Thursday.
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MP Materials’ goal to become a national rare-earths “champion” that can go toe-to-toe with China was turbocharged by Pentagon investment and an Apple deal. But its journey there highlights the hurdles American producers face.
Rare earth and critical minerals are essential to powering today's modern and digital world, as well as the U.S. military advanced aircraft and warships
Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.
MP Materials, the operator of the only rare earths mine in the United States, has signed a $500 million deal with Apple.
U.S. efforts to break China's dominance of the rare earths market and to drive investment in its own industry have moved up a gear with a Washington-backed plan to create a separate, higher pricing system.