A multi-billion dollar pipeline of rare earth projects worldwide is expected to reduce US dependence on Chinese supplies, though Beijing will remain dominant in the sector, reports Reuters.

China is projected to supply about 60 per cent of the world's' magnet-making rare earths by 2030, according to International Energy Agency data. The US, by contrast, is on track to meet about 95 per cent of its own demand from domestic sources.

Analysts caution the forecasts depend on projects being built and scaled on time. They note the lengthy process of constructing mines and refineries, the high cost of sourcing equipment outside China and shortages of skilled labour.

The IEA figures cover only four of the 17 rare earth elements. China is expected to continue dominating processing of heavy rare earths, a smaller but crucial group, with the West still reliant on China for 91 per cent of its needs in 2030.