China wants to be the only one in global rare earth supplies

China is intending to shut down 35 rare earth producers in Mongolia and entrust all exploration, production and processing of the metals to a single company, the Baotou Steel Rare Earth Group, the Ministry of Industry and Information Technology said in an official statement.

China's efforts to streamline its chaotic rare earth sector have sparked concerns internationally about Beijing developing a chokehold over a vital group of metals used in industries like defence and renewable energy. China is almost a global rare earth monopoly (controls 97%) and it has already slashed export quotas and imposed a cap on production. It has also vowed to crack down on the smuggling of rare-earth elements.