AsiaTimes - Rare earths, the next oil
Rare earths, the next oil - Former Chinese president Deng Xiaoping recognized the importance of rare earth elements (REEs) almost 2 decades ago. "The Middle East has oil and China has rare earth," he said in 1992. His foresight was impressive. Today, REEs are used in most high-tech products predominantly in the form of heavy-duty batteries & magnets. They are pivotal in defense technology - lasers, radars & electromagnetic weaponry - as well as green technology. It is therefore not surprising that China's near monopoly of their production has industry & government worried. By Elliot Brennan