China is starting a rare earth metal company — a move that will extend its dominance in the global mining and processing of key resources.
According to an exclusive report from The Wall Street Journal, the Chinese Communist Party has approved the creation of “China Rare Earth Group” — which could launch by the end of the year:
The new entity would be created by merging rare-earths assets from some state firms, including China Minmetals Corp., Aluminum Corp. of China Ltd. and Ganzhou Rare Earth Group Co. The combined group is designed to further strengthen Beijing’s pricing power and avoid infighting among Chinese firms, and to use that clout to undercut Western efforts to dominate critical technologies…
Estimates of China’s dominance of the rare-earth industry vary. Some analysts say China mines more than 70% of the world’s rare earths and is responsible for 90% of the complex process of turning them into magnets, analysts say. A White House report has estimated that China controls 55% of the world’s rare-earth mining and 85% of the refining process.
The new conglomerate will be located in the resource-rich Jiangxi province in southern China — poising the nation to enhance its capabilities in smartphone, automobile, and defense production.
Indeed, the People’s Liberation Army is making rapid advances — indicated by the recent firing of a sophisticated, nuclear-capable hypersonic missile that circumnavigated the globe before hitting a target in China.
“They’re expanding rapidly — in space, in cyber and then in the traditional domains of land, sea and air,” explained Chairman of the Joint Chiefs of Staff Mark Milley. “And they have gone from a peasant-based infantry army that was very, very large in 1979 to a very capable military that covers all the domains and has global ambitions. … As we go forward — over the next 10, 20, 25 years — there’s no question in my mind that the biggest geostrategic challenge to the United States is gonna be China. They’ve developed a military that’s really significant.”
Other reports suggest that none other than the Biden family has benefited from China’s rise to power. New York Post columnist Miranda Devine allowed The Daily Wire’s Ben Johnson to examine her forthcoming book, Laptop from Hell, which details revelations about Joe and Hunter Biden’s murky business deals across the planet.
“Hunter Biden arranged multiple business deals with close allies of Chinese President Xi Jinping, squeezing $6 million out of the relationship before things went sour,” writes Johnson.
Hunter reportedly opened a business partnership with the China Energy Fund Committee — a key mechanism of the Chinese Communist Party’s Belt and Road Initiative, which spreads Chinese economic influence among developing countries. Devine’s book says that Hunter and his partners used their connection to Joe Biden to “open doors for CEFC around the world, in Kazakhstan, Georgia, Oman, Ukraine, Romania, and beyond.”
“In other words, Hunter and his family benefit financially when China looks like it’s going to eat our lunch,” Johnson notes.