The Next Oil?: Rare Earth Metals -- Elliot Brennan, The Diplomat
Rare earth metals are quickly becoming the next important strategic resource. For many countries in Asia, the stakes are big.
Rare earth metals (REM) are increasingly becoming a critical strategic resource. The 17 elements can be found in most high-tech gadgets, from advanced military technology to mobile phones. China currently holds claim to over 90 percent of the world’s production. As global demand increases, Beijing’s export reductions in recent years have forced high-tech firms to relocate to China and forced other governments to pour money into their exploration and production. An emergent India is among those concerned about China’s control of rare earths. In the past 12 months, the geopolitics of rare earths has become evident. REMs are becoming a strategic resource over which the two emerging giants are competing in Asia. Indeed, one might say rare earths are fast becoming “the next oil.”
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My Comment: A good review on why rare earths play a vital role in today's modern economy .... and why they are essential to the defense industry.