7am How China took over the world’s critical minerals
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Jul 14, 2025 Ian Verrender, a columnist for Australian Foreign Affairs, dives into China's intricate plan for dominating critical minerals like rare earths and nickel. He reveals how this strategy has granted Beijing leverage over Western economies and defense sectors. The discussion highlights Australia's efforts to reclaim some control, including advancements in its own mineral sands. Verrender also touches on the market manipulations by China and the implications of its monopsony status globally, signaling a race against time for competitors.
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China's Rare Earths Vision
- China's rare earths domination began over 30 years ago with Deng Xiaoping's 1992 vision.
- He declared China had rare earths like the Middle East had oil and pushed refining and manufacturing too.
China's Market Control Tactics
- China uses overt strategies like market manipulation and propaganda to maintain rare earth dominance.
- American and Australian rare earth producers have been pressured or forced to shut down due to Chinese actions.
China's Nickel Industry Expansion
- China increased nickel refining by investing heavily in Indonesia, shifting 60% of global refined nickel output there.
- This led to shutdowns of Australian nickel operations despite large investments.