Business & Finance
Mining executive calls for end to Chinese dominance in rare earths market
The Guardian reports that prospective EU rare earth supplier Viridis Mining is urging U.S. and Chinese leaders to extend export control suspensions.
The short version
- Rafael Moreno, managing director of Viridis Mining and Minerals, called it paramount to break China's dominance over critical rare earth supplies.[The Guardian]
- The executive urged U.S. President Donald Trump and Chinese President Xi Jinping to extend a suspension on strict rare earth export restrictions during their upcoming summit.[The Guardian]
- Viridis Mining aims to secure 5% of the global rare earths market, with production scheduled to begin at the end of 2028.[The Guardian]
Key facts
- China introduced controls on rare earth exports in April 2025 and controls 80% to 90% of global raw materials and processed products.[The Guardian]
- Viridis Mining and Minerals aims to capture 5% of the rare earths market, with production set to begin at the end of 2028.[The Guardian]
- EU trade commissioner Maroš Šefčovič is scheduled to meet Chinese commerce minister Wang Wentao in Beijing on October 8.[The Guardian]
What remains uncertain
- It remains uncertain whether Xi Jinping and Donald Trump will agree to extend the suspension of stricter rare earth export restrictions during their summit.[The Guardian]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- China’s stranglehold on rare earths must be ended, says hopeful supplier to EUThe Guardian - World