(Bloomberg) — A couple hours outside Houston, in a remote field near a Dow Chemical Co. plant, America’s bid to undercut China’s grip on the global supply of rare earth minerals critical to high technology has yet to break ground.
Even when it does, China’s dominance of the market — it controls about 70% of output and more than 90% of refining — means that goal will likely remain out of reach.
The Texas plant, to be built by Australia-based Lynas Rare Earths Ltd., represents a fraction of billions of dollars in subsidies and loans promised for the production and refining of the minerals in the US and its key allies. For the 149-acre (60 hectares) site, Lynas won more than $300 million in Pentagon contracts. If all goes to plan, it will be operating a plant to process rare earths there in two years.
For the rest of this article: https://www.bnnbloomberg.ca/business/international/2024/09/16/chinas-grip-on-rare-earths-undercuts-projects-from-us-to-japan/