China Dominates Rare Earth Metals

Please note that this week,in addition to this post,two other posts of global interest have been published in the Extra Content blog.One deals with NATO ally Greece's debt crisis resolution program.The other explores the nature of Chinese naval power in the Asia-Pacific region.You may visit Extra Content by clicking on the link in the right column.
Speaking in Brussels last week,Chinese Premier Wen Jiabao was in a defensive mode.He said Europe shouldn't join the call for China to release its currency,the Yuan,from tight control.The problem wasn't with the Yuan,but with the U.S. dollar,Mr.Wen remarked.He also claimed China wasn't using rare earth metals as a bargaining chip with Japan.
There is considerable concern about China's control over the world's rare earth metal supply.China produces more than 90% of the world's rare earth metals.It has cut exports of the metals by 75% this year.The U.S. is considering filing a complaint with the World Trade Organization over possible Chinese hoarding of the metals.
Rare earth metals are used in everything from tanks to iPhones and hybrid cars.The U.S. has only one rare earth metal mine.It could take 15 years for the U.S. to restart its rare earth metal supply chain.There is a bill before Congress to do just that.