BEIJING — Beijing still isn’t giving foreign companies access to critically needed rare earths, according to the European Chamber of Commerce in China.
At least one member has lost “millions of euros” as a result, the ECCC told reporters Monday.
The nearly 25-year-old business organization declined to share the name of the affected company, but said that other members still didn’t have clarity on a consistent process for accessing the minerals.
Rare earths are a category of minerals that are critical for a swath of products from cars to semiconductors. China controlled over 69% of rare earth mine production in 2024, and nearly half of the world’s reserves, according to the U.S. Geological Survey.
Beijing has leveraged this control in trade talks with the U.S. and other partners. Since late last year, China has ramped up its restrictions on exports of rare earths, even demanding proof that they will not be used for military purposes. China started issuing single-use export licenses following a mid-May trade truce with the U.S.
