Suryaa Now International Desk: For advanced technology, electric vehicles and defense sectors, rare earths and critical minerals... France says it is possible to reduce its dependence on China for rare earths and critical minerals, which are vital for modern technology, electric vehicles and defense sectors. The ambassador of French minerals clarified that it may take another 3 to 5 years.
He believes that by diversifying the supply chain (diversification) Western countries can get out of China's monopoly. China occupies the lion's share of the world's mining and processing of rare minerals. European countries are worried that China could use this monopoly to impose restrictions on exports whenever it wants.
In this context, other Western countries along with France have focused on promoting mining at home and entering into trade agreements with alternative countries. The ambassador of France said that international organizations are being formed to achieve security in the supply of rare minerals, and measures are being taken with foresight to prevent any disruption to the industrial sector in the future. Economists analyze that the trade equations of rare earths in the global market are likely to change completely if alternative sources become fully available in the next few years.