Search result for: "rare earth elements"

"The Middle East has oil, China has rare earths", Deng Xiaoping said in 1992. Nearly three decades later, the world is almost completely dependent on China for rare earth materials. They constitute key elements in large swaths of modern technology from consumer electronics to military equipment and green technology: Mobile phones, computers, fighter jets, guided missiles, solar panels, wind turbines and electric vehicles, among others. While demand is soaring, China is virtually their worldwide exclusive producer. "To extend Mr Deng's comparison, it is as if the Middle East not only sat on most of the world's oil but also, almost exclusively, refined it and then made products out of it," wrote The Economist in 2019.