Chinese rare earth miners are being forced to phase out excessive production capacity as rising overseas suppliers chip away at their dominance in the global market, Xinhua reported via Global Times.

As reported in the market news:

Russia announced in April its plan to invest 1 billion US dollars in rare earth mining in its Tomtorsky field, which holds 154 million tonnes of ore containing several rare earth elements.

Greenland also lifted its long-time ban on rare earth mining in October of this year in hope of developing the industry to support domestic welfare payments and employment.

Other major rare earth consuming nations, such as the United States and Japan, have also looked elsewhere to meet their demand for the 17 rare minerals, which are used to make a range of high-tech products from cell phones and wind turbines to hybrid cars and airplane equipment.

Read the full article on Global Times