With reference to India’s recent approach towards rare earth minerals, consider the following statements:
1. India has directed IREL to suspend a rare earth export agreement with a Japanese firm to safeguard domestic needs.
2. China is a dominant global player in rare earth processing and has recently restricted its exports.
3. India currently exports neodymium, a key rare earth element used in EV motors, primarily due to a lack of domestic processing capacity.
4. India has already developed sufficient domestic processing infrastructure for rare earths and is self-reliant in rare earth-based technologies.
5. The IREL–Japan export agreement has been in force since 2012, and over one-third of IREL’s production is exported under this agreement.
How many of the above statements are correct?