China Declares State Ownership of Rare Earth Metals

New regulations assert control over critical minerals essential for technology and green energy, effective October 1.

Beijing's new rules cover mining, smelting, processing, and export of rare earth elements.
China produces 60% of the world's rare earths and processes nearly 90%.
The move is seen as leverage in trade tensions with the US and other Western nations.
Illegal mining and smelting activities will face stricter legal penalties.
China's dominance in rare earths is crucial for semiconductors, electric vehicles, and wind turbines.