Hopeful EU rare-earth supplier says China’s grip on the market must end as Trump and Xi meet

Rafael Moreno, managing director of Australia-listed Viridis Mining and Minerals, which has a demo plant in Brazil and assets in Australia and Canada, says ending China’s hold on rare earths used in cars, wind turbines and military jets is paramount. He hopes to supply the EU in two years and calls a deal at Thursday’s second Trump–Xi summit of the year imperative, as Beijing’s export-ban threat leaves markets nervous. China imposed controls in April 2025, hitting auto industries in the EU, UK, US and Japan; after an October summit in South Korea, Xi suspended stricter global curbs for 12 months. Industry had hoped May’s summit would extend that pause; Kurt Tong of the Asia Group said it cannot fail to be extended if the presidents keep meeting.