Now, Beijing controls about 98% of global production of this group of 17 elements.

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Hugh Jenner-Clarke, an 83-year-old Englishman, recently found a major deposit of 950, 000 tons of rare earths, a group of 17 elements prized for distinct properties of conductivity, magnetism and flexibility.

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This week's ruling applies to materials like bauxite, coke, magnesium, manganese and zinc, but, most notably, does not apply to rare earths -- a group of 17 elements critical to the production of tablets, smartphones and myriad other gadgets.

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Rare earth elements are a group of 17 heavy metals, which despite their name, are not particularly rare.

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On Monday influential New York Times columnist Paul Krugman voiced his concern that China mines 97% of the global supply of the 17 elements that make up the rare earth minerals group.

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