China Launches Mineral Hunting Satellite To Maintain Rare Earth Monopoly
China is believed to control 90% of global supplies of rare earth metals. In maintaining its monopoly on rare earth metals for the production of microchips, electronics, and electric motors, Beijing launched a mineral hunting satellite to explore the planet for new resources.
The satellite, called “Ziyuan-1 02E” or “five-meter optical satellite 02,” was launched on Sunday that can take pictures of the ground with a resolution of five meters, according to the China National Space Administration.
Ziyuan-1 is equipped with infrared, near-infrared, and hyperspectral sensors that will help China’s geological environment engineers identify places around the world rich in rare earth minerals.
China is believed to control up to 90% of global supplies of rare earth metals and is responsible for almost two-thirds of global production in 2019.
Some say China’s control over the global market for rare earths is diminishing, but the truth is this is only slightly true (read: “China Creates New State-Owned Mining Giant To Tighten Control Of Rare Earth Supplies”).
While the US and Australia ramp up the production of rare earths, China dominates the production of this space and continues to search for more minerals worldwide now using a high-tech satellite.
For more on rare earth minerals, visit The Market Ear content, exclusively on ZH premium, click here.
Tyler Durden Fri, 12/31/2021 – 19:30
