China Cuts Off World’s Rare Earth Metal Supply

China only has about 30 percent of the world 's rare earth metal deposits, but thanks to clever planning it today controls 97 percent of the world ' s production of these scarce resources. Deposits of this family of 17 elements – vital to power electronics found in televisions, smart phones, electric vehicles, and a variety of other devices – are found in California, Canada, Australia, and Russia, but it will take years to bring them online. In short the world is at China 's mercy for now when it comes to rare earth supply. And China’s biggest rare earth metal producer — the Inner Mongolia Baotou Steel Rare-Earth (Group) has announced that it is severing shipments to the U.S., Japan, and Europe for one month in an attempt to artificially inflate prices. (Excerpt) Read more at dailytech.com …