China controls 93% of rare-earth magnets crucial for technology

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Permanent magnets may not sound like anything too fancy, but they sit at the centre of a sweeping range of modern technology from wind turbines and electric vehicles to stereo speakers.

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Made from rare earth elements — an group of 17 metals found at the bottom of the Periodic Table — permanent magnets are stronger, and able to withstand heat, which makes them ideally suited for the lightweight motors that are increasingly in demand as a result of the electrification movement.

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