Tech on Magic is a little like Superman on Magic.
However, while I'd love to see the Mandarin, the origin of his power doesn't matter that much.
Look at his abilities:
Code:
Little finger
Ice Blast
The ring emits waves of cold which can be used to stun an opponent. The ring usually causes the air in the path of its blast to turn to ice, and can lower an object's temperature to nearly absolute zero.
Black Light
The ring can create an area of absolute blackness that seems to absorb all light used within it. Although "black light" is a term used to refer to ultraviolet radiation, the darkness created by the ring is probably a form of the "darkforce" used by Cloak, Darkstar, and the Shroud.
Ring Finger
Mento-Intensifier
The ring magnifies the wearer's own psionic energy, allowing him to place one or more people under his mental control and to transmit orders to them mentally. Most frequently used to create illusions.
Disintegration Beam
The ring emits a beam of energy that destroys all bonds between the atoms and molecules of the object it strikes. This ring needs twenty minutes to recharge after use.
Middle Finger
Electro-Blast
The ring emits electricity in amounts at intensities mentally determined by the wearer. The maximum amperage attainable is not known.
Vortex Beam
The ring causes the air to move about at high speed in a vortex. The vortex can be used as an offensive weapon, as a means of levitating objects, or as a means of propelling the ring's wearer through the air.
Index Finger
Flame Blast
The ring emits infrared radiation, or heat, at intensities mentally determined by the wearer. Usually the heat produces flame through incandescing the molecules in the air in the path of the blast. The heat beam can be used to trigger chemical explosions. The maximum amount of heat it can generate is not known.
Impact Beam
This ring can project various forms of energy, most frequently that of fast neutrons with great concussive force. The ring has also been used to project intense sonic vibrations and to create magnetic waves to attract or repel objects. The ring may be capable of emitting other forms of energy as well, and has been used to send Iron Man slamming through a mountain.
Thumb
White Light
This ring can emit various forms of energy along the electromagnetic spectrum. Has been used to create gravity powerful enough to make Iron Man bury himself by trying to walk forward.
Matter Rearranger
This ring can rearrange the atoms and molecules of a substance, or speed up or slow down their movement, so as to produce various effects. The ring has been used to condense water vapor in the air to liquid water, to solidify gasses, to create lethal poison gas from the air, to turn a group of men to stone, to turn a man into a beetle, to turn a mountain into a rock-monster, and to make a stone hand large enough to engulf Iron Man's body erupt from the floor. The ring cannot rearrange the atoms and molecules of Iron Man's magnetic-beam reinforced armor.
None of those screams 'He cast a spell!' in a world with the X-Men, guys who have alchemy guns, etc.
In fact, I can see Mandarin as nano-tech with the rings being the injection point and the catalyst for the Extremis upgrade in 3 or 4 after Tony manages to separate 1 of the 10 rings (I know, blasphemy from a canonical perspective) and analyze it.