As EV & Advanced Manufacturing hots up in Asia a timely article by Investment Monitor on the critical elements that are driving the new agenda;
'Angola, Australia and the US are all poised to ramp up the production of rare earth elements during the next few years, but China is set to continue enjoying an 80% share of the global refining of the vital metals.'
In January 2022, China said it was creating a new state-owned enterprise, China Rare Earth Group, a ‘megafirm’ that will control 60–70% of the country's rare earth production, which amounts to 30–40% of global supply. China is also introducing new environmental standards for the industry, which could constrain supply.
"The adoption of EVs alone will require an additional 200,000t of rare earths in the next ten years," says Luisa Moreno, managing partner of Tahuti Global. "There is need for more mine production, and we need to build rare earths supply chains outside China, starting with refinery capacity. The West also needs the capacity to make rare earths metals, rare earths magnets, and other products and technologies."