Dear Ali,
Thanks so much for sharing these interesting comments on a meeting where some decisions taken are likely to remain undisclosed.
The stakes are vey high. No risk of market failure. There are no market rules, WTO died years ago. The current world is dominated by bullies some crooks and their many cronies.
It is very sad to see how some persons/ groups who very vocal about touting the virtues of free markets all the sudden call for internationally-coordinated action.on critical raw materials. They are now calling for the fire brigade after they set fire in their
own premises and unfunded the Fire Department.
An US company, General Motors, sold its Rare Earth Magnets branch (Magnequench) for pennies to China in 1995 among political and business leaders indifference (the Magnequench), a sign of gross technological and managerial incompetence that now costs billion
$ / € trying to address the sheer damage inflicted on the Western economy. No guarantee that the current rescue efforts will work, but in my opinion hey are worth the try. Let's hope for the best, after it took about 30 years to all our brilliant corporate
and political leaders to begin understanding the enormous importance of high-performance magnetic materials (NdFeB and SmCo magnets) to many contemporary industrial activities and human needs, including in the defence sector.
China's leaders have understood this as early as 1986, when Deng Xiaping in a now famous speech stated "China has no oil, China has Rare Earth". That was a serious vision, China inc. worked very hard since, investing massively in STEM education, research &
innovation and in foul gaming to secure 40 years of industrial advance over the West. China: 1, West: 0.
Let's hope that collectively we can through joining efforts revitalize our economies. Hard work, we shoiuld not expect overnight results.
All the best.
Patrice
Pr. (Hon.) University College London, PhD, MBA
Independent Consultant and Researcher
Mineral Economics and Policies
France