BRICS Hold 76 Million Metric Tons of Rare Earth Minerals, US Owns 1.9M

Four of the top five founding members of the BRICS alliance hold a combined 75.7 million metric tons of rare earth minerals. On the contrary, the US holds only 1.9 million metric tons of the rare earth reserves. The US is far behind and now depends on other countries for resources.

BRICS member China dominates the list, controlling the majority of the rare earth minerals. China holds a staggering 44 million metric tons, having the world’s biggest reserves. The Communist country is now leveraging its resources to dictate trade terms and policies with the US and other Western countries.

Source: Bluekurtic Market Insights / InvestingNews.comSource: Bluekurtic Market Insights / InvestingNews.comAlso, BRICS member Brazil comes second with 21 million metric tons of the rare earth minerals. India is in the third spot, holding 6.9 million metric tons of materials. Russia also holds 3.8 million metric tons, owing to a vast reserve of natural resources.

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Source: Cheng Xin / Getty ImagesSource: Cheng Xin / Getty ImagesThe four BRICS countries combined hold 75.7 million metric tons, making them the largest bloc. Rare earth commodities are now the most sought-after due to their use for industrial purposes. It includes smartphones, electric vehicle motors, wind turbines, and medical equipment like MRI machines.

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Also Read: BRICS Currency To Gain Reserve Status? Here’s What It TakesTo make up for its deficits, the US is now partnering with Australia, Canada, Japan, Thailand, and Cambodia, among others, to secure the resources. These deals come under the US Minerals Security Partnership and are a well-thought-out plan to reduce China’s dependency. China has long been dominating the rare earth minerals sector, and the US is now competing.

BRICS country China recently tightened its supply of rare earth minerals to the US after the trade wars. The next generation will be defined by how these countries use the minerals for their advancement. The US is also looking at exploring deals with other countries in Asia to expand its resources.