U.S. companies are years away from challenging Chinese dominance of rare earth m...
- U.S. companies are years away from challenging Chinese dominance of rare earth minerals due to a lack of domestic processing facilities, ensuring the Asian nation will maintain its near-monopoly on refining and powerful leverage in trade talks.
Although, according to U.S. Geological Survey data, China contains only a third of the world’s rare earth reserves, it accounts for 80% of U.S. imports of the group of 17 minerals used in military equipment and high-tech consumer electronics. One is set to open next year at Mountain Pass mine, California, when it will become the sole operating rare earth processor in the United States. It is set to produce about 5,000 tonnes of two popular types of rare earth annually, according to a source familiar with the matter.“It would be important for the U.S.
The company has seen its stock jump 68% in the past month, although the Round Top facility is not slated to open until 2022 at the earliest.
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