China Unearths Massive Rare Earth, Fluorite Reserves Amid US Tech Race

• 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%.