Mining

Rare Earth Miners Challenge China’s Dominance

November 24, 2020November 24, 2020 Desiree Justice China, Lockheed Martin, Mountain Pass, MP Materials, rare earth, stocks, U.S.

The race is on to secure rare earth metals in the U.S.

All as China, which controls up to 80% of global rare earth supply threatens to cut us off.

In fact, in recent weeks, China has already said would cut off rare earth supply to Lockheed Martin and other companies in retaliation for supplying Taiwan with military hardware. That move could cause big problems. After all, such materials are crucial to the U.S. military’s advanced weapons applications. For example, a Virginia class submarine requires 4.2 tonnes of rare earth metals. An F-35 fighter needs 450 kg.

With such a threat, companies in the U.S., such as MP Materials are looking to restore the rare earth supply from the Mountain Pass mine in California in an effort to finally help eliminate U.S. dependence on China.