Strategic metals: major positive news breaks!

Major positive news for the metals sector: The Implementation Regulations of the People's Republic of China Mineral Resources Law will officially enter into force on June 15. The most significant change introduced by these regulations is the formal inclusion of 36 critical minerals—including rare earths, tungsten, lithium, cobalt, gallium, and germanium—into the national strategic mineral resources catalogue. What does this mean? First, approval authority is centralized. New prospecting and mining rights will be approved directly by the Ministry of Natural Resources of China—or delegated by it—removing all authority from provincial and lower-level authorities. This will substantially reduce supply elasticity. Second, total output control and export review. Rare earths and tungsten will continue under total quota management; Gallium, germanium, antimony, molybdenum, indium, and bismuth have already been placed under export controls; Lithium, cobalt, nickel, and others will face strengthened regulatory oversight in the near future. These measures will trigger profound shifts in market expectations across the mineral and metals sector. ………… First, here are the 36 strategic minerals: Energy minerals (6): petroleum, natural gas, coal, coalbed methane, shale gas, uranium; Metallic minerals (25): iron, copper, aluminum, nickel, manganese, chromium, vanadium, titanium, cobalt, tungsten, tin, molybdenum, antimony, gold, zirconium, rare earths, germanium, gallium, indium, hafnium, rhenium, niobium, tantalum, beryllium, lithium, thallium; Non-metallic minerals (5): graphite, phosphorus, potash, boron, fluorite. — Among these minerals, which deserve the closest attention? Junlin believes the most promising candidates are those where China holds a large share of global resources, enjoys supply-chain advantages and pricing power, and is already subject to tightening supply and export scrutiny—i.e., minerals placing China at the strategic center. Ranked by strategic importance: 1. Rare earths: China holds 37% of global light rare earth reserves and over 80% of heavy rare earth reserves; accounts for over 90% of global rare earth smelting capacity; and maintains full vertical integration and dominant control across the entire industrial chain. 2. Gallium: A by-product mineral, widely dispersed geographically, extracted primarily as a by-product of alumina production; China accounts for over 90% of global gallium production. 3. Magnesium: China holds ~70% of global magnesium reserves and over 85% of global production capacity. 4. Tungsten: China holds ~60% of global tungsten reserves and over 80% of global production capacity. 5. Germanium: A by-product mineral, widely dispersed, extracted mainly as a by-product of coal and zinc-lead processing; China accounts for over 60% of global production capacity. 6. Graphite: China holds 25% of global crystalline graphite reserves, over 70% of spherical graphite (used in battery anodes), and 65–90% of global graphite production capacity. 7. Antimony: China holds 35% of global antimony reserves and 55–60% of global production capacity. 8. Indium: A by-product of zinc concentrate refining; China holds over 35% of global indium reserves and 55–60% of global production capacity. 9. Molybdenum: China holds 40% of global molybdenum reserves and 45–50% of global production capacity. 10. Tin: China holds 30% of global tin reserves and 30–35% of global production capacity. — Next, consider export controls: Tier 1 (strictest): Rare earths—the first mineral group placed under export controls, beginning in 1998, with repeated reductions in export quotas since. However, this also implies limited further tightening potential. Tier 2: Germanium and gallium—added to the export control list in 2023. Tier 3: Antimony—added to the export control list in 2024. Tier 4: Tungsten, molybdenum, and indium—scheduled for inclusion in the export control list in 2025. The more recently a mineral has been added to export controls, the greater its immediate impact on market prices. ………… Taking all three factors together explains why tungsten stands at the market’s strategic center.

Minerals | East Asia Forum Quarterly: Critical Minerals and the Reimagining of Globalization

The East Asia Forum (EAF) is operated by the Crawford School of Public Policy at the Australian National University. It focuses on economic, political, and public policy issues in East Asia and the Asia-Pacific region, publishing an online column and the East Asia Forum Quarterly—a journal that brings together scholars from across the region to analyze topical regional issues. Critical minerals, geopolitical competition, and industrial transformation are among its key themes. The article’s author is Roderick G. Eggert, Professor of Economics and Business at the Colorado School of Mines (USA) and Deputy Director of the Center for Critical Materials Innovation. The China Enterprise Overseas Expansion Research Group will translate the article’s main content for reference and study. The original article is in English; this translation does not reflect the translator’s views. The full text runs approximately 2,360 words. — ༄ — We are living through an era of deep re-evaluation of globalization and industrial policy. Over the past 15 to 20 years, most Western countries have abandoned the ‘lowest-cost’ model of globalization and instead embraced state-centered, government-led industrial policies. The development trajectory of the rare earths and other critical minerals sectors offers an excellent lens through which to understand this shift. Rare earths comprise a group of 17 chemical elements essential to numerous civilian and military technologies. More broadly, they fall within the category of critical minerals. Critical minerals are minerals, materials, or chemical elements indispensable to modern technologies yet vulnerable to supply disruptions. Different countries, companies, and industries maintain varying definitions and lists of ‘critical minerals.’ On one hand, geographic concentration of mineral deposits creates short-term supply risk. Any disruption in a key producing region can trigger unexpected raw material shortages and sharp price volatility. Given the long lead times required to develop new mines, smelting and refining facilities, and supporting infrastructure, such supply constraints also manifest as medium-term challenges. On the other hand, longer-term risks loom: concerns persist that future capacity—ten years or more ahead—may fail to meet the raw material demands of emerging technologies, while simultaneously ensuring affordability and adherence to environmental and social responsibility standards throughout production. China accounts for over 90% of global rare earth production—both in mining and in smelting and refining. Similarly, China dominates global output for many other critical minerals, including gallium, germanium, and indium. In 2010, amid a territorial dispute, China temporarily halted rare earth exports to Japan—triggering a sharp surge in Japanese rare earth prices and catapulting the issue into mainstream awareness. Around the same time, China widely applied tariffs and export quotas to restrict rare earth exports, aiming to restructure its domestic industry. As a result, much downstream manufacturing capacity relocated to China. That era coincided with the zenith of globalization’s momentum.

Critical Minerals Gain Unprecedented Focus Amidst New Opportunities and Uncertainties

1 hour ago

At the Asia Vision Forum, Huayou Cobalt's CSO emphasized that critical minerals are essential for energy storage and clean power development. He highlighted global supply disparities driving complex economic competition in the new energy era.

caixin

2026-06-04

Zimbabwe Says China’s Huayou Plans Lithium Carbonate Plant

2026-07-17

Zimbabwe Rejects Lithium Miners’ Request to Delay Export Ban

2026-09-30

Critical Minerals Gain Unprecedented Focus Amidst New Opportunities and Uncertainties

Critical Minerals Gain Unprecedented Focus Amidst New Opportunities and Uncertainties

FAQ