Not sure if there is an updated number, but clearly this has some geopolitical implications if many countries are relying on these to make wind turbines and electric vehicles. How come other rich countries can’t match it?
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It was a political move by China. The Chinese govt purposefully dumped prices into the ground to control the market, and continues to do so. It was purely a political strategy, in order to diminish the ability of western nations to source their own rare earth elements. The US and others have long identified this as a major political move, disguised as an economic one. Rare earth elements aren’t the only commodities affected by dumping, its a thing that happens in the world market. However, China, correctly identified they could jump into the supply chain for many advanced products, by controlling this market and getting others out of it, no matter the cost (loss) of operations, it was more important to be in control than to make money
The US and to a lesser degree others, used to mine a lot of rare earth elements, but got undercut in pricing and many mines and facilities shut down by mid-2010s. However for several years, companies have been trying to restart them, albeit with little success as the US govt hasn’t stepped in too much to help them on being undercut. There’s a legitimate near future where the US extremely heavily subsidizes the last remaining US miner and processer, called MP Materials, located in California/Nevada, and lots of people have been discussing that for years, or if the US govt just simply takes it over in some manner
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