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Developing these mineral resources is extremely difficult and expensive, according to Iryna Suprun, chief executive of the Geological Investment Group, a mining advisory firm based in Ukraine.

That could include a promised tax cut for middle-class Canadians, and moving ahead with a "one project, one review" process to speed up approval for key energy and mining proposals.

It has been beset on all sides by threats of one kind or another, since, really colonial times, but most recently, that threat has come in the form of mining.

Many other countries and environmental groups oppose deep-sea mining in international waters without further research.

While Australia, Japan and Vietnam have begun mining for rare earths, it will take years before China can be cut out of the supply chain.