US admits defeat in China minerals race. Can Brazil turn panic into processing power?
Brazilian Mines and Energy Minister Alexandre Silveira revealed that US President Donald Trump and his team conceded during White House talks in May that the United States had lost the critical minerals race to China. The minister made the disclosure in an unscripted speech on Monday to Exposibram, the industry conference run by the Brazilian Mining Institute, in the state of Minas Gerais,…
Brazilian Mines and Energy Minister Alexandre Silveira declared during a speech at Exposibram, the industry conference run by the Brazilian Mining Institute, that the United States had conceded defeat in the critical minerals race against China in a May 2021 meeting with President Trump. The minister emphasized that the US lost ground in areas such as electrification, mineral separation, and defence industry.
Brazil, which holds the second-largest rare earth reserves in the world, has pledged to invest in processing capacity despite China's dominant position in refining and permanent magnet production. International Council on Mining and Metals CEO Rohitesh Dhawan highlighted the US$600 billion potential loss to the US economy if China were to control just 30% of the country's magnet supply.
Over 100 countries have critical minerals policies, according to Dhawan, reflecting a global shift toward strategic investments in the sector.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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