US EditionVisualizing 30 Years of Rare Earth Production, by Country
China controls 92% of rare-earth refining and 98% of magnet production, giving it strategic leverage that the West will take about 10 years to challenge, Goldman Sachs says.
- This past week, Goldman Sachs warned the West may need a decade to loosen China’s grip on rare earths, as China controls roughly 92% of refining and 98% of magnet manufacturing.
- Historically, China's share of rare earth oxide mine output climbed from around 47% to almost 70% , reinforcing its market dominance, as rare earth elements are a geopolitically sensitive group of 17 metals with a market roughly 33 times smaller than copper.
- Markets reacted with rallies in U.S.-listed miners this year as Western governments pledged billions in recent years and President Donald Trump sealed deals over 10 days with Australia, Malaysia, Cambodia and Japan.
- Beijing's export controls are due to take effect on November 8, just days before a 90-day trade truce with Washington expires, while President Donald Trump is expected to meet Chinese leader Xi Jinping on Thursday.
- Goldman Sachs' findings indicate that efforts to diversify and reshore production will be costly and take years, with refineries estimated to need about five years to build, and reserves outside Myanmar and China considered 'very scarce' for some elements.
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Visualizing 30 Years of Rare Earth Production, by Country
See more visualizations like this on the Voronoi app. Use This Visualization Visualizing 30 Years of Rare Earth Production, by Country See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Key Takeaways China’s share of rare earth oxide (REO) mine output climbed from around 47% (1994) to almost 70% (2024), ceme…
Breaking China’s rare earth dominance could take a decade, Goldman Sachs says
Rare earths and the powerful magnets made from them are centred in China, giving Beijing a strategic edge in global industry and diplomacy. David Becker/Reuters The West may need a decade to loosen China’s iron grip on rare earths, according to Goldman Sachs. Beijing’s control of 92% of refining and 98% of magnet production gives it powerful leverage in global trade. The West’s push to rebuild rare-earth supply chains is lagging despite the met…
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BizTocBreaking China's rare earth dominance could take a decade, Goldman Sachs says
Rare earths and the powerful magnets made from them are centred in China, giving Beijing a strategic edge in global industry and diplomacy.David Becker/ReutersThe West may need a decade to loosen China's iron grip on rare earths, according to Goldman Sachs.Beijing's control of 92% of refining and 98% of magnet production gives it powerful leverage in global trade.The West's push to rebuild rare-earth supply chains is lagging despite the metals' …
Goldman Sachs warned the West that it could take up to 10 years to challenge China's dominance in rare earth metals.
China's control over rare metals is so strong that it could take a decade for the West to challenge the Asian giant's dominance over these critical minerals, according to Goldman Sachs."China's dominance is really huge," says Daan Struyven, Goldman's co-director of global raw material research, in a podcast released on Tuesday.He points out that about 92% of the world's rare mineral refining and 98% of the magnets made from these materials are m…
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