Is there finally space for rare earth mining outside of China?
(Kitco News) - China has long dominated the rare earth space, but factors are coalescing to shake the country's hold of the sector, said Defense Metals' (TSXV: DEFN) (OTCQB: DFMTF) president Luisa Moreno.
Moreno spoke to Kitco on Tuesday.
About 10 years ago Moreno estimates that China's rare earth production accounted for 95% of the market.
Today Moreno estimates that China has fallen to 60%. Major players outside of China are MP Materials in the U.S., Lynas in Australia, Iluka and many private companies.
Factors that have prised China's dominance are higher prices for the metals, bullishness on the sector due to energy transition and a heightened awareness that the metals are critical. Countries don't want to be overly dependent on one supplier of the metal.
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