The U.S. has rare earths. So why did China take over the market?
The United States was once the global leader in rare earth production, but that position shifted dramatically to China from the 1990s onward. Today, China controls roughly 50% to 60% of global rare earth mining and 80% to 90% of intermediate processing.
The interesting part is that this isn't simply a story about who has the biggest deposits. China built its position through decades of investment in research, refining technology, industrial expertise, public-private partnerships, and supply chain infrastructure.
The U.S. still has rare earth resources, but rebuilding the industry means going beyond opening new mines. Processing and refining capacity are just as important. Without those capabilities, having the minerals in the ground doesn't necessarily translate into a secure domestic supply.
China's dominance also isn't completely risk-free. It relies on imports of some rare earth materials, including supplies from Myanmar and the United States. Disruptions to those supply routes have previously caused price spikes, showing just how interconnected the market has become.
So the bigger question is whether the U.S. can rebuild an entire rare earth supply chain, from mining and processing to research, recycling, and manufacturing, rather than simply trying to produce more ore.
What do you think matters more for the U.S. right now: building more mines or rebuilding domestic processing capacity?