From National Defense Magazine article by Stacy Newsted:
“China refines over 98 percent of the elements’ global demand and is the dominant global producer of rare earth magnets. The end-use license review process has effectively throttled exports of these materials, creating a global shortage and market panic.
Why haven’t consumers heard of this issue or been affected? The main reason is that rare earth elements and magnets are generally procured by manufacturers months or years before the delivery of an end-item. What China restricts now will result in future product shortages for U.S. consumers. In other words, the supply chains for automobiles, consumer electronics, aircraft, industrial products, heating, ventilation and air conditioning, weapon systems, and many everyday items might currently be switched to the “off position.”
However, we have the knowledge and the tools to act, and the time is now.”
Why haven’t consumers heard of this issue or been affected? The main reason is that rare earth elements and magnets are generally procured by manufacturers months or years before the delivery of an end-item. What China restricts now will result in future product shortages for U.S. consumers. In other words, the supply chains for automobiles, consumer electronics, aircraft, industrial products, heating, ventilation and air conditioning, weapon systems, and many everyday items might currently be switched to the “off position.”
However, we have the knowledge and the tools to act, and the time is now.”
The article reinforces the strategic imperative driving M2i Global’s work to develop a secure, domestic supply chain for critical minerals in collaboration with industry, government, and academic partners.
Read the entire article: Viewpoint: How to Decrease Dependency on China for Critical Minerals, Materials