Beijing's dominance in rare earth processing leaves others scrambling to close the gap: 'China is the leader, and the U.S. is far behind'

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China’s near‑monopoly over rare earth processing has turned a once‑obscure corner of mining into a frontline of geopolitical competition, forcing the U.S. and its allies into a costly race to catch up.

“Clearly, China is the leader, and the U.S. is far behind,” veteran mining executive Mick McMullen told Fortune on March 10, at the sidelines of the U.S. Capital Access Forum in Singapore, organized by business advisory firm Hall Chadwick. “It’s a bit unbelievable that it’s taken so long for everyone to realize that maybe we should have some of these things in house.”