"These market conditions have now destroyed most of the hoped-for projects from just a couple years back," said James Litinsky, CEO of MP Materials Corp. He emphasized that, despite investments, Chinese dominance over the supply chain remains a significant barrier.
The Texas plant, to be built by Lynas Rare Earths Ltd., represents a fraction of billions of dollars in subsidies. If completed, it will be a critical step in processing rare earth elements in the U.S.
China controls about 70% of rare earth output and more than 90% of refining. This dominance poses a substantial challenge for the U.S.'s aim to establish a competitive supply chain.
The metals the U.S. focuses on aren't actually 'rare' but occur in low concentrations. Their extraction often poses environmental risks, complicating U.S. initiatives to create a viable supply chain.
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