Theme Overview
Rare earth elements are essential for permanent magnets in EV motors, wind turbines, and military systems, as well as catalysts, phosphors, and electronics. China dominates the entire rare earth supply chain: 60% of mining, 85% of processing, and 90% of magnet production. China's 2010 export ban on rare earths to Japan (later ruled WTO-illegal) demonstrated willingness to weaponize this dominance. The US, EU, and allies are racing to build alternative supply chains (MP Materials in California, Lynas in Australia), but processing capacity takes years to develop. This geopolitical concentration risk creates supply vulnerability for the entire clean energy and defense industrial base.