China holds the world’s largest reserves of rare earth metals, estimated at 44 million tonnes, and in 2024 produced 270,000 tonnes of this strategic resource. These elements are critical for electric vehicle manufacturing, high-tech industries, and clean energy development. The Chinese government has been cracking down on illegal mining, shutting down unlicensed operations and regulating production and export quotas, which have been gradually increased in recent years, reports Baltimore Chronicle citing Nasdaq.
Despite its dominance, Beijing continues to focus on preserving and expanding domestic reserves. In 2012, authorities announced a reduction in stockpiles, and in 2016 outlined plans to boost them by creating both commercial and state reserves. The trade rivalry between China and the United States in the rare earth sector has direct implications for the global electric vehicle and tech markets. Additionally, China has increased imports of heavy rare earth metals from Myanmar, where mining causes severe environmental damage to mountainous border regions.
Brazil ranks second, with 21 million tonnes of reserves. While the country was not yet among major producers in 2024, this is changing: in late 2024, Serra Verde began the first phase of commercial production at the Pela-Ema deposit in Goiás state. This is one of the largest ionic clay deposits in the world and will supply neodymium, praseodymium, terbium, and dysprosium — four key magnetic rare earth elements. By 2026, the site is expected to produce about 5,000 tonnes of rare earth oxides annually, making Pela-Ema the only facility outside China to produce all four elements.
India is third, with reserves of 6.9 million tonnes. Around 35% of the world’s coastal and sand mineral deposits — vital sources of rare earth metals — are located there. In 2024, the country produced about 2,900 tonnes. In October 2024, the Indian engineering and procurement company Trafalgar announced plans to build the nation’s first facility for producing rare earth metals, alloys, and magnets.
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