Critical Minerals are the New Oil and Gold

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The role of oil and gold in the global economy and the world’s industrial landscape cannot be understated. Oil powered the industrial revolution for almost two centuries while gold’s historical value supported monetary systems across continents. Corresponding to their importance, control over these resources also entails strategic power for nations.

As national security and economic competitiveness increasingly rely on the sourcing of these minerals, power competition has developed for control over their supply chains. China, having established a near-monopoly over mineral mining and refining capabilities, has a considerable headstart over other nations. It controls over 60% of global rare earth mining and over 85% of refining capabilities — constituting an even tighter control than that of OPEC over oil.

Source: Wikipedia