Australian Resources Minister Madeleine King hit the nail on the head in an interview on Tuesday when she described the hope of some Western countries that they could soon end their reliance on China for rare earths as a "pipe dream".

This is because China holds the world's largest reserves of the mineral resources and accounts for around 80 percent of global production of rare earths, which are needed for a wide variety of products, ranging from smartphones to aerospace technology to wind turbines.

Yet rather than calling for joint international efforts to ensure the safety and stability of the industry and supply chains for the good of all countries, King insinuated that Australia and the United States should cooperate to boost investments in the minerals in order to break China's monopoly, as it is a country "that has seen this need coming and made the most of it".