Russia has US$1.5bil plan to dent China's rare earth dominance

So far rare earth processing is almost totally controlled by China, with the exception a plant in Malaysia, operated by Australia's Lynas Corp, and the U.S. is reviving production. (File pic - Lynas rare earth plant)

MOSCOW: Russia plans investment of US$1.5 billion in rare earth minerals, critical to the defence, telecommunications and renewable energy sectors, as it strives to become the biggest producer after China by 2030, a top government official told Reuters.

Russia's initiative is in line with other countries, such as the United States, which are also trying to curb their reliance on China, home to 63% of global rare earths production and 37% of global reserves https://pubs.usgs.gov/periodicals/mcs2020/mcs2020.pdf.