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Africa to Replace China as Global Source of Rare Earth Elements?

China has a dominant hold on the rare earth elements market, controlling 60% of global production and 85% of processing capacity. In light of growing geopolitical tensions around China and Taiwan, the U.S, Australia, Canada, and other countries are seeking to reduce their reliance on China as a source of rare earths production and processing, writes Gracelin Baskaran for the Brookings Institution.

This opens up a window of opportunity for African countries. With their rich endowment of key commodities, African countries can leverage this search for new sources of rare earth elements to bring in much-needed revenue to finance core socio-economic objectives and reduce poverty, utilise the African Continental Free Trade Area to improve value addition, and strengthen global trade partnerships.

Pixabay

(file photo).

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