"China holds 35.2 percent of global rare earth reserves ― equivalent to 12.5 billion tons ― according to data from the U.S. Geological Survey."
This figure would be 'known' reserves. China would already have found most of their reserves as they have been at it for many years, since the 1950's at least. Countries like Australia (and some others) would still have a huge amount of undiscovered rare earths.
Dubbo Project closer to development, page-28
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