China Uncovers Significant Rare Earth, Fluorite Deposits Amid US Tech Rivalry

•China announced major discoveries of critical minerals, including 9.7 million tonnes of rare earth oxides and super-large reserves of 27.1 million tonnes of fluorite and 37.2 million tonnes of baryte in Sichuan province.

•The findings strengthen China's dominance in rare earth production, vital for high-tech, new energy, and defense sectors, and are particularly significant for fluorite and baryte, crucial for semiconductors, batteries, and oil/gas drilling.

•Gansu province also reported an additional 51,455 tonnes of antimony, used as a flame retardant, increasing the area's proven reserves by over half.

•Critical minerals are a geopolitical issue, with China leveraging its control over rare earths in trade and technology disputes with the US.

•Despite export restrictions, China's rare earth permanent magnet exports to the US declined by 22.5% in Jan-Feb, while exports to the EU increased by 28.4%.