US rare earths flow to Asia as domestic demand is slow to emerge
Summary
US companies backed by the government are producing rare earth metals but mostly selling them to Asian countries like Japan and South Korea, because US demand is still low. These metals are important for technologies such as electric vehicles, weapons, and electronics, and the US is trying to develop its own supply chain to reduce dependence on China.Key Facts
- US rare earth companies MP Materials, Energy Fuels, and Phoenix Tailings have received billions in government support.
- These companies are selling rare earth metals mainly to Japanese and South Korean manufacturers.
- China currently controls much of the global rare earth supply and has limited exports, causing concern for US national security.
- Rare earth metals are used in many technologies, including electric vehicle batteries, weapons, and electronics.
- MP Materials leads US rare earth production and sells most of its products through a deal with a Japanese company.
- Energy Fuels plans to send oxides to South Korea and is acquiring companies in South Korea and Germany to expand production.
- The US produces far fewer rare earth magnets than Japan, South Korea, and China.
- The US government is pushing to grow the domestic rare earth industry but it will take time.
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