NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi said there is a risk of a
"new model of colonialism" if nations with critical minerals do not regard custodianship as a"global responsibility", as firms race to secure resources central to energy transition goals.
"The ones who have them, if they don't see that as a global responsibility, then this will promote a new model of colonialism. This is my warning," Modi said. China accounted for 70% of world mine production of rare earths in 2022 and is home to at least 85% of global processing capacity. This year, it imposed export restrictions on gallium and germanium for use in computer chips and other components - a move widely seen as retaliation for U.S. curbs on technology sales to China and which raised concerns over more restrictions.
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