Roland Howanietz - Chinas Virtual Monopoly of Rare Earth Elements: Economic, Technological and Strategic Implications

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Chinas Virtual Monopoly of Rare Earth Elements

Rare Earth Elements are a group of 17 metals which have a central role in modern industry, increasingly used in the fields of green technologies, high technological consumer goods, industrial and medical appliances and modern weapons systems. Although deposits of Rare Earths are globally dispersed, over 90% of global demand has been provided by Chinese mines since the late 1990s, leading to a situation where China has a virtual monopoly. This book surveys the Rare Earths mining industry, discusses the extent to which Rare Earths really are scarce elsewhere in the world and assesses the economics of production, considering arguments for the rationing of supply, for higher pricing and for a total export embargo. This actually occurred in 2010, demonstrating the vulnerability of the rest of the world to Chinas control of these increasingly vital resources.

Roland Howanietz is a Research Associate and Lecturer in East Asian Economics at the Ruhr University Bochum, Germany.

Routledge Contemporary China Series

China Reclaims World Power Status

Putting an end to the world America made

Paolo Urio

The Economic Roots of the Umbrella Movement in Hong Kong

Globalization and the Rise of China

Louis Augustin-Jean and Anthea H.Y. Cheung

Chinas Hydro-politics in the Mekong

Conflict and Cooperation in Light of Securitization Theory

Sebastian Biba

Economic Policy Making in China (19492016)

The Role of Economists

Pieter Bottelier

The Power of Relationalism in China

Leah Zhu

Chinas Financial Opening

Coalition Politics and Policy Changes

Yu-Wai Vic Li

Urbanization, Regional Development and Governance in China

Jianfa Shen

Midwifery in China

Ngai Fen Cheung and Rosemary Mander

Chinas Virtual Monopoly of Rare Earth Elements

Economic, Technological and Strategic Implications

Roland Howanietz

For more information about this series, please visit: www.routledge.com/Routledge-Contemporary-China-Series/book-series/SE0768

First published 2018

by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

and by Routledge

711 Third Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

2018 Roland Howanietz

The right of Roland Howanietz to be identified as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Doctoral thesis accepted by the Ruhr University Bochum, Germany

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data

Names: Howanietz, Roland.

Title: Chinas virtual monopoly of rare earth elements: economic,

technological and strategic implications /Roland Howanietz.

Description: 1 Edition. | New York: Routledge, 2018. | Series: Routledge

contemporary China; 192

Identifiers: LCCN 2018005140 | ISBN 9780815363309 (hardback) |

ISBN 9781351109918 (ebook) | ISBN 9781351109901 (web pdf) |

ISBN 9781351109888 (mobipocket) | ISBN 9781351109895 (epub)

Subjects: LCSH: Mines and mineral resources. | Mines and mineral

resourcesChina. | Rare earth metalsChina. | Nonferrous metalsChina.

Classification: LCC HD9506.A2 H69 2018 | DDC 333.8/54940951dc23

LC record available at https://lccn.loc.gov/2018005140

ISBN: 978-0-815-36330-9 (hbk)

ISBN: 978-1-351-10991-8 (ebk)

Typeset in Times New Roman

by Apex CoVantage, LLC

Contents

1. i
2. ii

Guide

Figures

Map

AMD	Acid mine drainage
BGS	British Geological Survey
CCP	Chinese Communist Party
CRIRSCO	Committee for Mineral Reserves International Reporting Standards
DoE	Department of Energy
EC	European Commission
EPA	Environmental Protection Agency
EPB	Environmental protection bureaus
FDI	Foreign direct investment
GDP	Gross domestic product
GFC	Global Financial Crisis
GNI	Gross national income
HHI	Herfindahl-Hirschman-Index
IT	Information technology
JOGMEC	Japan Oil, Gas, and Metals Corporation
KfW	Kreditanstalt fuer Wiederaufbau (German Reconstruction Credit Institute)
LCD	Liquid-crystal display
LED	Light-emitting diode
M&As	Mergers and acquisitions
MEP	Ministry of Environmental Protection
METI	Ministry of Economy, Trade and Industry
MIIT	Ministry of Industry and Information Technology
MJ	Mega joule
MLR	Ministry of Land Resources
MOFCOM	Ministry of Commerce
NdFeB	magnets Neodymium-iron-boron permanent magnets
NDRC	National Development and Reform Commission
NEDO	New Energy and Industrial Technology Development Organization
NiMh	batteries Nickel-metal hydride batteries
NRC	U.S. National Research Council
OPEC	Organization of Petroleum Exporting Countries
PBOC	Peoples Bank of China
PPM	Parts per million
PRC	Peoples Republic of China
R&D	Research and development
REEs	Rare Earth Elements
REMs	Rare Earth Metals
REO	Rare Earth Oxides
RMB	Renminbi
RoW	Rest of the world
SOC	Marginal social opportunity cost of capital
SOE	State-owned enterprise(s)
SPC	Shadow price of capital
SRTP	Social rate of time preference
USGS	United States Geological Survey
VOC	Volatile organic compounds
WTO	World Trade Organization

1
Introduction

On 7 September 2010, a Chinese fishing trawler rammed two Japan Cost Guard vessels in the waters around the disputed Senkaku/Diaoyu islands in the East China Sea, which are claimed by both the Peoples Republic of China of highly industrialized countries that were not even involved in the dispute. As a reaction on the detainment of Chinese citizens, the Chinese government not only arrested four Japanese business-persons but also informally embargoed the exports of the natural resource Rare Earths to Japan (Mazza et al., 2013, p. 4; Smith, 2014).

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