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China currently produces the vast majority of the worlds rare-earth minerals - a group of 17 elements essential for a range of modern technology. However, China's monopoly on supply of these minerals could be about to change.

China's current monopoly as a supplier of rare-earth metals is likely to change in the next couple of years, according to a new report, with new rare-earth mines opening in Western Australia and California.

For years, China has produced at least 90 percent of rare earth metals and restricted exports, driving prices even higher. Some Japanese companies have moved to China to ensure supply of rare earth metals for production of their technologies, according to an article in the newspaper The Australian.

The article refers to a report published yesterday by Gareth Hutch, a rare metals expert from Illinois, who predicts that the global percentage of rare earth metals supplied by China will drop significantly in the next six years.

The group of 17 rare elements includes europium, which is used to produce the red color in televisions. Europium sold for $720 per kg at the start of 2011 and has since risen to $6,300 per kg.

Harth predicts that China's share of the world market of europium will drop to 76 percent in two years and 37 percent in six years.

He predicts a similar story for other rare earth metals.