Rare Earth Elements: The Invisible Currency Of Power

Rare earth elements REEs power everything from electric vehicles to fighter jets and mobile technology, making them a critical component in practically every aspect of our lives. China has had a stranglehold on the market for decades, refining over 85 of the worlds supply. But as demand surges and geopolitical tensions escalate, other nations are scrambling to secure their own sources US Department of Energy .

Ukraine has become a key global player in this high-stakes race. Reports suggest former US President Donald Trump sought as much as 50 of Ukraines critical minerals in exchange for US support NBC News . Its not just about Ukraineits about who will control the rare earth supply chain in the decades ahead.

Despite their name, rare earth metals arent actually rare. The challenge is extracting and refining them, making them both expensive and strategically valuable. These elements are essential for green energy, including wind turbines, electric vehicle batteries and solar panels consumer electronics like smartphones, laptops and advanced semiconductors plus defence and aerospace, like fighter jets, satellites and missile guidance systems.

With global demand for these materials growing fast, control over rare earth supply chains is a matter of economic and international security.

Beyond the ongoing war, Ukraine holds considerablereserves of rare earth and critical minerals. While these resources remain largely untapped, theyve drawn intense interest from the US, EU and Japan, each looking to loosen Beijings grip on global supply The Hill .