The battle for rare earths needed for clean energy
STORY: Rare earths could be the key to a transition to green energy.
The rock from these mines are turned into building blocks for magnets -
that are used in everything from iPhones - to Teslas.
And Beijing - has a dominating hand over them.
Last month China imposed export controls on gallium and germanium -
stoking fears that it could block exports of rare earths next.
So - what would happen then?
Experts say China has a stranglehold on the key group of 17 metals needed for a clean energy transition.
What's more -
it controls almost 90% of global rare earths refining capacity, according to the International Energy Agency.
The world's two biggest rare earths companies outside of China are having a hard time competing.
Australia's Lynas had plans to build a U.S. refinery with a Texas-based partner - but that collapsed, according to sources.
U.S.-based MP had a goal of refining its own rare earth metals in 2020 - but then COVID-19 hit.
If projects continue to struggle, several economies could fail to meet their goal of cutting carbon emissions to net zero 2050 - without Beijing's involvement.
Analysts say crucial innovation is needed to break China's dominance in the sector -
without sacrificing environmental quality.
Tesla in May announced plans to make EV magnets without rare earths -
citing 'environmental and health risks' in the current process.
Several other companies are working on new ways to process rare earths.
But cleaner solutions are still years from production.