The technology driven world today is obsessed with rare earth minerals, and its supply has been weaponised by geopolitics. Competition for rare earth minerals is intense because they are essential for modern technology needs and wants; including electric vehicles, smartphones, and are increasingly vital for key defence systems. Their strategic importance is heightened by the limited number of suppliers, particularly China's historical dominance, which gives it significant leverage and control over global supply chains. This has sparked a race among nations to secure supply chains for both economic and national security reasons.

Last week, U.S. President Donald Trump issued new tariffs on China regarding rare earth minerals, and it has cast doubt over a potential meeting between him and Chinese President Xi Jinping later this month in South Korea. The latest verbal saber rattling between the two leaders is further escalating a trade spat between the two powers. Trump’s threats came after China sharply expanded its export controls for rare earths, the powerful materials that underpin everything from semiconductors and clean energy technologies to the U.S. defence industry. Beijing dominates the world’s rare-earth supply chains, commanding about 85 percent of processing and 92 percent of magnet production. That has given it key leverage that it’s harnessed in multiple rounds of negotiations after Trump first launched his trade war in April. The new controls launched by Beijing (expected to commence from 1 December) make it necessary for foreign companies to secure approval from the Chinese Government to export certain materials that include at least 0.1 % of Chinese rare earth content. This will impact exports of raw materials used for semiconductors, rechargeable batteries, advanced electronic systems and magnets, amongst others. 

According to the Chinese Ministry of Commerce, the move is aimed at safeguarding national security and interests. As such, the global contest for rare earth minerals is well underway and may become key foreign and security policy concerns for many nations in the coming years.

With minerals like cobalt, nickel, manganese, copper more valuable than ever, their extraction involves deep-seabed mining, often in uncharted territories where scientists know little about ecosystem risks. Environmentalists have sounded the alarm about deep-sea mining’s environmental impacts, and several transnational coalitions have heeded experts’ warnings as escalating calls for a deep-sea mining moratorium are underway. 

According to recent reports, only about 27% of the world’s ocean floor has now been mapped to modern standards, with much of the world's ocean floor, including that of the Indian Ocean, remaining uncharted. This includes much of Sri Lanka’s Exclusive Economic Zone (EEZ) and the continental shelf region which Sri Lanka has laid claim to under international law. It has been widely reported since last year about multiple attempts to survey the seabed for rare earth minerals in these regions which Sri Lanka has an interest in. 

However, the Government and senior officials who should be looking into such matters, seem to be dragging their feet. Often, we hear the words ‘Blue Economy’ being thrown around, conferences held, round-table discussions held, but very little concrete action is taken to further Sri Lankan national interest and secure our critical resources at sea. It is not for the lack of trying, subject matter experts – the few Sri Lanka have, have been raising their voice about this issue and linked matters. Think-tanks and even UN-related agencies have chipped in with their analysis and contributions. 

However, the Government seems to be having tunnel vision, fixated at low hanging fruit which they can deliver to the gallery, and remains tone deaf to the pleas to improve Sri Lanka’s sovereign capacity to lay claim to, survey, assess and exploit ocean resources (both living and non-living) in a sustainable manner. When will the Government wake up from its slumber on maritime issues and take action? The clock is ticking.