The head of a mining company hoping to supply the EU with rare earths in two years’ time has said it is “paramount” to end China’s stranglehold on the supply of the raw materials used in everything from cars to wind turbines and military jets. As Donald Trump and China’s president, Xi Jinping, prepare to meet on Thursday in their second summit of the year, Rafael Moreno said it was also “imperative” that they do a deal for Beijing to ease up, once again, on its threat to ban exports…
Tag: Critical minerals
The Guardian view on rare earths: it’s common sense to secure essential supply chains | Editorial
The alarm sounded 16 years ago. In 2010, China blocked exports of key rare earths to Japan in a row over disputed islands in the East China Sea. The critical minerals are essential to everything from advanced weaponry and iPhones to electric vehicle batteries and wind turbines, so the rest of the world took note. But it didn’t take much action. China still accounts for about 70% of rare-earth mining globally and 90% of separation and processing. Then, last year, Beijing forced Donald Trump to back away from his trade…
US and Japan unveil $36bn of oil, gas and critical minerals projects in challenge to China
Japan has drawn up plans for investments in US oil, gas and critical mineral projects worth about $36bn under the first wave of a deal with Donald Trump. The US president and Sanae Takaichi, Japan’s prime minister, announced a trio of projects including a power plant in Portsmouth, Ohio, billed by the Trump administration as the largest natural gas-fired generating facility in US history. As a diplomatic row between Japan and China over the security of Taiwan continues, testing the Japanese economy, Takaichi said the projects would strengthen her country’s…
Trump unveils $12bn critical minerals stockpile scheme in apparent move to counter China’s dominance
Donald Trump has announced the creation of a critical mineral reserve worth nearly $12bn, a stockpile that could counter China’s ability to use its dominance of the hard-to-process metals as leverage in trade talks. “Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday. He compared it to the Strategic Petroleum Reserve (SPR), which was created in the 1970s when an Arab oil embargo led to a disruptive shortage…
Freedom from China? The mine at the centre of Europe’s push for rare earth metals
It is deep winter with temperatures dropping to -20C. The sun never rises above the horizon, instead bathing Sweden’s most northerly town of Kiruna in a blue crepuscular light, or “civil twilight” as it is known, for two or three hours a day stretching visibility a few metres, notwithstanding heavy snow. But 900 metres below the arctic conditions, a team of 20 gather every day, forgoing the brief glimpse of natural light and spearheading the EU’s race to mine its own rare earths. Despite identification of several deposits around the…
US attack on Venezuela will decide direction of South America’s vast mineral wealth
The US’s first overt attack on an Amazon nation last weekend is a new phase in its extractivist rivalry with China. The outcome will decide whether the vast mineral wealth of South America is directed towards a 21st-century energy transition or a buildup of military power to defend 20th-century fossil fuel interests. Although this onslaught was ostensibly aimed at one corrupt dictatorship in a miserably dysfunctional country, the ramifications are far wider. Venezuela’s oil is the obvious – but not the only – objective. When the former Guardian journalist Seumas…
EU to unveil €3bn strategy to reduce dependency on China for raw materials
The EU is to unveil a €3bn (£2.63bn) strategy to reduce its dependency on China for critical raw materials amid a global scramble triggered by Beijing’s “weaponisation” of supplies of everything from chips to rare earths. The ReSourceEU programme will seek to de-risk and diversify the bloc’s supply chains for key commodities with a funding initiative to support 25-30 strategic projects in the sector. These projects cover rare earths – a group of 17 heavy metals that are actually abundant but difficult and costly to extract – as well as…
Inside Trump’s scramble to reduce US dependence on Chinese rare-earth metals
Scott Bessent, the US treasury secretary, returned from South Carolina last week brandishing a small piece of metal, proclaiming that it was the first rare-earth magnet made in the US in a quarter of a century. It was, he indicated to Fox Business, proof that the US is ending “China’s chokehold on our supply chain”. Thanks to the South Carolina company eVAC’s new rare-earth mineral processing center, Bessent added: “We’re finally becoming independent again.” Breaking China’s processing and manufacturing dominance in these materials, essential for some semiconductors, batteries and armaments,…
The Guardian view on Trump and China: stepping back from the brink, but not solving problems | Editorial
The diverging verdicts offered by the Chinese and American leaders after their talks in South Korea on Thursday reflected more than the chasms between their personal styles and political cultures. Donald Trump gushed about an “amazing” meeting, scoring it 12 out of 10; Xi Jinping reportedly noted that a consensus had been reached, with the two sides needing to finalise follow-up steps rapidly. Mr Trump’s usual trade approach – shout loudly and wave a big stick – faltered when Beijing raised its own bludgeon. No tribute of gold crowns or…
Donald Trump and Xi Jinping hold meeting in South Korea amid hopes for trade deal – live updates
From 34m ago Trump and Xi shake hands Donald Trump and Xi Jinping have greeted each other and shaken hands. Trump said Xi was a “very tough negotiator and that’s not good”. In the comment to reporters in Busan before the meeting got under way, the US president also said: “We have a great relationship.” Asked if he planned to sign a trade deal, Trump said: “Could be.” The Chinese president didn’t make any comments. Share Updated at 22.16 EDT <gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"6902ca9e8f0860207cef1005","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" At the table for the talks…