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Business Insider
20 minutes ago
- Business Insider
India ramps up rare earth partnership with 5 African nations to counter China's dominance
India is intensifying its engagement with Africa in a strategic bid to diversify its sources of rare earth elements (REEs) amid growing global concerns over China's dominance in the critical minerals market. India is enhancing collaborations with Africa to secure rare earth elements (REEs) and reduce its reliance on China. This move addresses global concerns over China's dominance, controlling over 90% of REE supply, and its recent export restrictions. India's partnerships include agreements with Zambia, Zimbabwe, Mozambique, Malawi, Côte D'Ivoire and other countries Reuters reports that China currently controls over 90% of the global supply, raising urgent concerns about supply chain security. Earlier this year, Beijing further restricted the export of rare-earth magnets, escalating pressure on countries dependent on the technology. In response, India has stepped up its bilateral outreach to strengthen its supply chain and reduce reliance on Chinese exports. According to India's Minister of State for Atomic Energy, Jitendra Singh, New Delhi already has cooperation agreements in place with mineral-rich countries, including key African suppliers of rare earth and critical minerals. "In the interest of developing bilateral cooperation with countries having rich mineral resources, the Ministry of Mines has entered into bilateral agreements with the governments of several countries, including Australia, Argentina, Zambia, Peru, Zimbabwe, Mozambique, Malawi, and Côte D'Ivoire, as well as international organizations such as the International Energy Agency (IEA)," Singh said in a written statement. While India's engagement also spans countries in Latin America and Asia, Africa stands out as a vital partner due to its vast untapped reserves and growing geopolitical importance. Consequently the emerging Asian giant has begun initiating government-to-government memorandums of understanding (MoUs) with countries like Brazil and the Dominican Republic. Singh added, " The broad objective of the MoUs is to provide an overarching framework for cooperation in research, development, and innovation in mining, with a particular focus on rare earth elements (REE) and critical minerals." Mineral-rich Africa emerges as rare earth battleground Africa, endowed with vast reserves of rare earth minerals vital to modern technology, has become the epicentre of a growing geopolitical contest involving China, the West, and India. These minerals, essential for powering electric vehicles, smartphones, military systems, and clean energy technologies, are now seen as strategic assets that could reshape the global balance of power. India, now the world's fifth-largest economy, is leveraging its democratic credentials and expanding global clout to position itself as a strategic partner. Its investments, particularly in sectors like electric mobility, defence, and renewable energy, rely heavily on a stable supply of rare earths. This engagement initiated by India, is part of a broader global race not only to access raw materials but to influence the future of manufacturing, trade, and technological advancement. Unlike previous extractive models, the emerging approach places greater emphasis on value addition within Africa. Many governments across the continent are pushing for processing, infrastructure development, and local job creation, aiming to convert mineral wealth into long-term economic growth.
Yahoo
an hour ago
- Yahoo
Trump pauses export controls to bolster China trade deal, FT says
(Reuters) -The U.S. has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping this year, the Financial Times said on Monday. The industry and security bureau of the Commerce Department, which oversees export controls, has been told in recent months to avoid tough moves on China, the newspaper said, citing current and former officials. Reuters could not immediately verify the report. The White House and the department did not respond to Reuters' requests for comment outside business hours. Top U.S. and Chinese economic officials are set to resume talks in Stockholm on Monday to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies. Tech giant Nvidia said this month it would resume sales of its H20 graphics processing units (GPU) to China, reversing an export curb the Trump administration imposed in April to keep advanced AI chips out of Chinese hands over national security concerns. The planned resumption was part of U.S. negotiations on rare earths and magnets, Commerce Secretary Howard Lutnick has said. The paper said 20 security experts and former officials, including former deputy US national security adviser Matt Pottinger, will write on Monday to Lutnick to voice concern, however. "This move represents a strategic misstep that endangers the United States' economic and military edge in artificial intelligence," they write in the letter, it added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
How Li Ka-shing Landed in the Middle of US-China Tiff
When President Donald Trump called for the US to retake control of the Panama Canal during his inauguration speech in January, it set off a chain of events that landed Hong Kong tycoon Li Ka-shing in the middle of a US-China tiff. Li, whose conglomerate CK Hutchison Holdings Ltd. owns two port operations on the Panama Canal, came under political pressure from the Trump administration after the US leader falsely claimed that the strategic waterway was operated by China.
