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China and the new era of critical minerals diplomacy

Beijing’s export controls on rare earths and other niche metals are distorting markets and fuelling resource nationalism

In the late 18th century, a Finnish chemist named Johan Gadolin was sent an unusual black rock discovered in a quarry in Ytterby, near Stockholm.

The find was thought to contain tungsten, but Gadolin announced it in fact contained a “new earth”, a previously unknown mineral substance. “Gadolin’s yttria” would become known as the first discovery of a rare earth compound, and among the elements it yielded was the silvery metal now known as “yttrium”.

Today, yttrium has huge strategic value in the production of the computer chips that are the backbone of AI. It is also one of the niche metals at the centre of a raging geopolitical storm.

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