ANALYSIS
The Metals Monopoly: Who Really Owns the Energy Transition
90 PERCENT
China refines nine-tenths of the world's rare earths.
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THE REBELS
Myanmar's rebels hold half the heavy supply. Beijing holds the refineries.
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THE CAP
The Congo capped cobalt exports — and named its price.
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THE SMELTER
Nickel, copper, cobalt: the furnaces run where the power is cheap.
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THE CHOKEHOLD
The mining isn't the chokehold. The refining is.
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THE TRANSITION
The energy transition has an owner — and it isn't the buyer.
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THE MAP
Every wind turbine and EV is a bet on someone else's geology.
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NO SINGLE CAPITAL OWNS THE WHOLE TRUTH
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