China is really pushing the development of the rare earths sector. They want to coordinate the exploration, development, utilization, and management of this industry. It’s a big deal for them. China is already the biggest producer of rare earths, accounting for 70% of global mine production. But other countries are trying to reduce their dependence on China by diversifying their supply chain. Rare earths are used in a lot of important things like lasers, military equipment, electric vehicles, and consumer electronics. Recently, China announced export restrictions on some graphite products and gallium and germanium, which are used in the semiconductor industry. They’re also cracking down on illegal mining in the industry. China’s rare earths quota for mining output and smelting and separation in 2023 has increased compared to last year. They’re exporting more and importing more too. It’s a pretty interesting situation.
