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Foreign media said that China's rare earth monopoly began to collapse
China's dominance over the rare earth market seems to be weakening. Historically, while China controls a significant portion of rare earth production, it hasn't been as essential as one might think. Rare earth elements aren’t actually rare, and countries like the U.S. could meet their needs from other regions if necessary. In Kuantan, Malaysia, Lynas Corporation planned to establish a rare earth processing facility, but faced strong opposition from locals and Australian activists. They claimed the plant would generate "millions of tons of toxic radioactive waste," which led to legal challenges and even a temporary suspension of their business license. Despite setbacks, Lynas remains focused on developing the Mount Weld deposit, which is rich in rare earth resources, and aims to refine them at the Malaysian plant. Recently, the court overturned an earlier decision, allowing Lynas to regain its license. Once operational, the plant could produce up to 20,000 tons of rare earth annually, covering roughly 15% of global demand outside of China. This highlights that China's monopoly isn't as unshakable as it appears. While China currently provides 95%-97% of the world's rare earth supply due to its willingness to mine and low prices, attempts to restrict exports could backfire by encouraging competition and breaking the monopoly. The market tends to correct such imbalances over time.
Regarding concerns about radioactive waste, there's a misunderstanding about the original plant's history. The site previously housed a rare earth separation plant that left behind some radioactive residue. However, this doesn't imply similar risks for the new facility. The minerals processed today are entirely different, with significantly lower radiation levels. The ore processed at the new plant has much higher concentrations of valuable elements compared to the older facility, which dealt with tin slag. Regulations were less stringent in the 1950s, and today's oversight ensures safety.
As for the protests, there are two plausible explanations. One, people might lack technical understanding of the actual risks involved. Two, there could be a hidden agenda at play—protecting China's market share. A few years ago, there were efforts to acquire Lynas to maintain China's monopoly. If I were a Malaysian journalist, I’d investigate who’s funding these protests and lawsuits. While it sounds like a conspiracy theory, it’s worth exploring given the stakes involved.