Myanmar urges US to invest in its rare earths sector, dominated by China
XLB•Myanmar’s military-led government is urging the United States to increase investment in its rare earths mines. A US strategy aims to secure at least three commercial or investment deals worth more than $5 million each for US companies.
1. Myanmar seeks US investment
Myanmar’s military-led government is urging the United States to deepen engagement and rapidly increase investment in the country’s rare earths mines, a sector now dominated by China. A US State Department strategy released last week followed months of talks with Myanmar officials.
2. US strategy and conditions
The strategy aims to secure at least three commercial or investment deals valued above $5 million each for US companies. A State Department spokesman said Washington was encouraging Myanmar to improve the operating environment for US businesses and build toward a genuine peace process.
3. China’s role in supply
Myanmar is one of the world’s main sources of heavy rare earths, with most exports going to China for processing into magnets used in electric vehicles, wind turbines and other high-tech products. The main production sites in Kachin are controlled by the Kachin Independence Army, a rebel group fighting Myanmar’s military.
