Rafael Moreno, head of Viridis Mining and Minerals, says China’s dominance of rare-earth supplies must be reduced to protect industries such as automotive, renewable energy and defence. His comments come as Donald Trump and Xi Jinping prepare for a summit amid concern that China could reimpose tighter export restrictions, making global manufacturers and supply chains vulnerable.

China controls an estimated 80–90% of rare-earth raw materials and processed products, while Chinese goods can be up to 30% cheaper than European alternatives. Viridis has opened a demonstration plant in Brazil and hopes to begin production by late 2028, supplying up to 5% of the market and potentially processing materials in France with Solvay. The EU is seeking alternative suppliers while also trying to manage a trade deficit with China that has reached about €1bn a day.