However, as Statista's Katharina Buchholz points out, in recent years, several nations have picked up production again while new players entered the market, diversifying it at least to some degree.

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Yet, China was still responsible for more than two thirds of global production, according to the U.S. Geological Survey. But as many countries are wary of depending on China, especially when it comes to technology products, countries with rare earth deposits are likely to exploit them further.