[Edward64]

Article on how China dominates rare earth elements and what the US is doing

China Dominates the Rare Earths Market. This U.S. Mine Is Trying to Change That. - POLITICO

China could easily decide to restrict access to rare earths again with disastrous consequences. As of today, China accounts for 63 percent of the world’s rare earth mining, 85 percent of rare earth processing, and 92 percent of rare earth magnet production.

Rare earth alloys and magnets that China controls are critical components in missiles, firearms, radars and stealth aircraft.

Beijing once blocked Japan’s access to rare earth elements during a 2010 dispute over Tokyo’s detention of a Chinese fishing trawler captain. Then in 2019, China threatened to include certain products using rare earths in Beijing’s technology-export restrictions, a response to the Trump administration’s pressure on telecom giant Huawei.

US company mining in the US. Have to read up on the stock

MP Materials wants to be the solution to America’s rare earths challenge. MP’s goal is to restore the full supply chain to the United States, becoming the world’s sole “vertically integrated” rare earth magnetics producer that performs all stages of the process.

The Mountain Pass mine, which resumed operations in 2012 after years of dormancy, today supplies around 15 percent of the world’s production of rare earths, a group of 17 minerals used to make the magnets in America’s most advanced commercial and military technology, from electric vehicles to Virginia-class attack submarines.

That 15 percent figure is significant, especially given that just 11 years ago the mine was producing nothing, but still a small fraction of a global market that has for decades been dominated by China.

And will be bringing some/all of the processing back to the US.

In November, MP announced that it had begun commissioning assets for the second stage of production, which is currently done primarily in China: separation and purification. The company has also begun building a new manufacturing facility in Fort Worth, Texas, that will convert the refined minerals from Mountain Pass into metals, alloys and magnets.

Good move by Trump & Biden Admin to support

the Pentagon has designated millions of dollars to fund rare earths projects in an attempt to move the entire rare earth supply chain to the U.S. Mountain Pass has received some of the funding, along with other companies trying to mine or manufacture rare earths products.

And not worry as much about environmental impacts (right now, at least)

The issue is a tricky one for the Biden administration, which has prioritized green energy. Rare earths are key components in electric car batteries. But some climate advocates have opposed increased spending on mining certain metals, including on a proposed lithium mine in Nevada, because of the potential environmental impact.

So far, Biden has continued Trump’s approach to rare earths mining, a rare instance of bipartisan agreement

Apparently earlier versions of this company failed because wasn't profitable enough. Seems like $10M is a small investment to help reduce our reliance on China for these strategic materials. Shoot, give them $1B to expand

MP Mine Operations LLC, now MP Materials, was formed in 2017 for a second attempt at reviving the Mountain Pass mine. It acquired the site out of bankruptcy in July of that year. Boosted by millions of dollars of capital — plus a $10 million 2020 investment from the Pentagon — the company is now profitable. In the third quarter of 2022, it beat expectations with a revenue of $124.4 million.