Private Players to Harness Nation's Untapped Critical Mineral Potential

Once it was crude oil alone. Now, critical minerals have joined it as a key resource for any country striving to stand economically sovereign in the world.

- BY ER. RAJESH PATHAK

Wherever manufacturing is essential—such as in wind turbines, electric generators, electric vehicles, aircraft engines, and cars—a magnet is needed. And if a magnet is needed, rare earth minerals are indispensable. These are a subset of critical minerals, of which magnets are made.

Today, China leads the world in critical minerals, owning 42 million tons. More notably, it supplies 90% of the world’s processed rare earth minerals. However, China sources much of this not from its own land, but from South America—particularly Argentina, Chile, and Bolivia.

To understand this better, consider the example of crude oil in the Middle East. Initially, British companies like British Petroleum (BP) and Enron were the first to explore and extract oil and gas. Later, by 1931, the US and other Western countries joined the race. But after 1951, major oil-rich nations like Iran and Iraq nationalized their oil industries, leaving little room for Western players.