BMO Financial Group vice-chair warns of a potential critical minerals crisis

The 17 so-called “rare earth metals” play strong supporting roles in many of the consumer electronics we enjoy on a daily basis, from our TVs to smartphones.

President Vladimir Putin has pushed Russia to develop its own rare earth production, calling it an issue that’s " critically important to the defense capability of the country.

Once every decade or so, the world goes through a collective freak-out about rare earths.

China is willing to meet reasonable demand for rare earths from other countries, but it would be unacceptable that countries using Chinese rare earths to manufacture products would turn around and suppress China.

Lynas' status as a non-Chinese producer came into sharper focus this week after major Chinese newspapers reported Beijing was ready to use rare earths to strike back in its trade war with the US.

A report by state news agency Xinhua paints a particularly grim picture of China's rare earth industry which belies the notion that China's crackdown has more to do with managing supply and extracting lofty profits than it is about cleaning up a notoriously dirty business.

The 216 million tonne Jongju deposit 150km north of Pyongjang, theoretically worth trillions of dollars, would more than double the current global known resource of REE oxides.

China’s grip on the global market for rare-earth metals gives it the ability to target American weaponry in its trade war with the U.S.

Lynas said it intends to build an initial ore processing plant in Western Australia that would help it overcome political headwinds in Malaysia.