Zhao Ye nodded, then said in a serious tone, "Japan and Western countries won't easily let us control the pricing power of rare earths. There will be a lot of fighting later. We should hold onto our rare earths just like those real estate developers hoard land. Once they've used up all the rare earths in their warehouses, they'll naturally come begging to us."

Fei Chengyi nodded.

China holds 36% of the world's rare earth reserves and accounts for about 80% of the global rare earth trade. Foreign companies that want to buy rare earths can only turn to China, as only China can provide them with such a large quantity.

In China, although there are still some rare earth companies that have not been acquired by Galaxy Mining Group, they are all small companies with very small rare earth reserves and production, which is completely insufficient to meet the global rare earth market demand.

If they're not stupid, they won't sell their rare earths easily. Instead, they'll wait for a better price and sell them at 10 or 20 times the original price, which wouldn't be a big problem.

As the saying goes, "rarity makes things valuable." Rare earth elements are scarce, so their price should be high.

The following day, Galaxy Mining Group held a press conference to announce that after integrating major domestic rare earth companies, it would recruit more workers, purchase equipment, and increase rare earth production...

The news initially caused great joy among the European and American journalists present.

With increased production of rare earth elements, their prices are expected to plummet.

Western countries can then take advantage of this to buy rare earth elements at low prices.

Little did they know that while hiring people and purchasing mining equipment were real, they were not intended to increase rare earth production, but rather to mine iron ore.

Galaxy Mining Group requires a considerable amount of manpower and equipment for its exploration and mining operations in China.

...

foreign.

"Oh my god, this really startled me! I woke up to find the landscape of China's rare earth market completely changed. Most of the rare earth companies have been acquired by one company. Now, this company practically monopolizes China's rare earth market. If it demands we raise our purchase price, we'll be in real trouble. However, this company seems rather foolish. China already has a surplus of rare earth exports, leading to fierce competition and low prices. Yet, this company actually wants to increase production. When we go to China to buy rare earth at the end of the year, won't we be able to push the price down even further?"

At a rare earth businessmen's party, a rare earth middleman laughed heartily, his laughter filled with sarcasm towards Galaxy Mining Group.

Many people laughed along with him upon hearing this.

At that moment, a discordant voice suddenly rang out.

"What idiots! How can you still laugh? Don't you know that Galaxy Mining Group is a subsidiary of Wujiang Group? Do you think Zhao Ye is a moron? Damn it!!! We're in big trouble!!!"

P.S.: I'm speechless. I broke my promise again. I forgot today is my mother-in-law's birthday. My dad called me to the countryside to celebrate her birthday as soon as I woke up during the day, and I didn't get back to write until tonight. So, I'll be posting a big update tomorrow.

(End of this chapter)