Rostec Agrees $1Bln Rare Earth Deal in Bid for Self Sufficiency
Russia will invest $1 billion in rare earths production by 2018 in a bid to become less dependent on China, which controls more than 90 percent of global supply of the elements used in sectors including defense, telecommunications and renewable energy.
The U.S., Japan and the European Union have complained to the World Trade Organization about China’s efforts to control the sector, saying China is trying to use its stranglehold over supply to drive up prices and gain a competitive advantage.
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