China Mulling Curbs On Rare Earth Exports To Hurt US Defense Sector - Reports

China is mulling restricting exports of rare earth minerals to hurt the US defense sector, The Financial Times reported on Tuesday, citing sources

MOSCOW (UrduPoint News / Sputnik - 16th February, 2021) China is mulling restricting exports of rare earth minerals to hurt the US defense sector, The Financial Times reported on Tuesday, citing sources.

According to the newspaper, the Chinese Ministry of Industry and Information Technology came up with draft controls on the production and exports of 17 rare earth minerals in January. The country controls some 80 percent of global supply of the minerals, which are vital for production of F-35 jets and other advanced weaponry.

Government officials reportedly approached industry executives to assess to what extent the export controls would hit US and European companies.

"The government wants to know if the US may have trouble making F-35 fighter jets if China imposes an export ban," a Chinese government adviser said.

Beijing supposedly seeks to understand how quickly the US could find an alternative to its exports and boost own production capacity.

In September, the US notably unveiled plans to invest more than $120 million in programs for exploration of carbon ore, rare earth and critical minerals.