Beijing’s recent export controls on rare earths have spurred a flurry of international efforts to diversify supply chains and reduce China’s long-standing dominance in critical minerals.
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In June, the Ministry of Commerce announced that it would approve qualified export applications and was open to discussions with other countries regarding the restrictions. But as rare earths emerge as a new front in the US-China rivalry, companies worldwide have announced plans for a string of projects designed to break dependence on Chinese supplies.
On July 2, the Australia-listed St George Mining announced in an email that it had begun identifying enriched mineral zones at its fully-owned Araxá niobium-rare earth elements project in Brazil.
Two weeks earlier, US companies Kaz Resources and Cove Kaz Capital issued a statement about their partnership with Kazakhstan’s national geological company to explore and hold metallurgical tests at the Akbulak rare earth project.
To fund a rare earth project in southern Greenland, the Nasdaq-listed Critical Metals Corp said in June that it had secured a loan of up to US$120 million from the US Export-Import Bank.
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In May, Australia-listed Lynas Rare Earth said it was producing dysprosium oxide in Malaysia, making it “the only commercial producer of separated heavy rare earth products outside China”, according to the company.
