7am How China took over the world’s critical minerals
Oct 25, 2025
Join Ian Verrender, a columnist for Australian Foreign Affairs, as he dives deep into China's strategic grip on critical minerals. He reveals how China's dominance began with Deng Xiaoping's vision and explores the state-backed tools that weakened foreign competitors. Ian highlights the implications for US defense supply chains reliant on these resources. Additionally, he discusses the untapped potential of Western Australia's monazite waste and how Australian firms are racing to bolster refining capacity and secure their role in the global market.
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Deng's Rare Earth Vision
- Deng Xiaoping framed rare earths as China's strategic resource, prompting decades-long state planning and investment.
- That foresight turned scattered minerals into a cornerstone of China's industrial and geopolitical power.
State Tools Secured Market Control
- China combined state control, price manipulation and propaganda to protect and expand its refining dominance.
- That mix allowed Beijing to restrict exports and shape global prices to marginalize rivals.
Molycorp's Market Collapse
- Molycorp reopened America's only rare earth mine around 2010 but went broke by 2014 after the market was flooded.
- Chinese producers undercut prices and overwhelmed Molycorp, showcasing deliberate competitive pressure.