With demand for rare earth minerals likely to reach unprecedented levels, Washington’s pursuit of Ukraine’s minerals comes out of the imperative of staying ahead in the race, controlling Ukraine, and effectively countering Chinese dominance in this field.

At stake, however, is not just the control of minerals but also Ukraine’s future.

Tech Wars

Ukraine also reportedly has Germanium deposits worth US$170 billion. Ukraine’s deposits of lithium, a rare earth mineral predominantly used in the production of batteries, are also a third of all European lithium deposits. Controlling these critical sources is not only crucial for military purposes, but also for controlling the future of even non-military technology.

The price of lithium has surged from US$1500 per ton in the 1990s to around US$20,000 per ton in recent years. According to safe estimates, this demand is projected to increase almost 40-fold by 2040. At the same time, this demand is likely to be at the heart of the ever-increasing production of electric vehicles in the world. Both US and China have locked their horns in the production EVs as well.

China currently dominates the global EV market, producing more than 60 per cent of the world’s electric cars and 80 per cent of........

© New Eastern Outlook