The company was pucharsed by MP Materials Corp., and as of December 2021, the partially state-owned Chinese mining company, Shenghe Resources, owned 7.7 percent of the company. The only rare earth mining company in the United States, Molycorp, which owned the Mountain Pass mine and was sold at auction after suffering severe losses. To comply with the WTO decision and maintain control of the market, China repealed the export quotas and began flooding the market, offering low prices that other firms could not compete with. These protectionist policies were brought to the World Trade Organization, where it was determined thatĬhina had violated rules by imposing “export duties, export quotas, and certain limitations on the enterprises permitted to export the products.” This final violation is based on the organization’s “ principle of non-discrimination” because other parties believed China was giving preferential treatment to domestic producers and exporters. China taken to the World Trade Organizationįrom 2008 to 2012, China reduced its export restrictions, leading to dramatic price increases.

By 2011, China produced ninety-five percent of all rare earth minerals, and US dependence on Chinese markets became a serious concern.īetween 20, the Chinese government exerted strong regulatory control over the sector, primarily by limiting the supply able to be exported, to ensure price stability. The rise of China in this sector came as many mines in the United States scaled back their operations over concerns of the possible environmental damage. Three decades later the country dominates the landscape. In the early 1990s, China entered the rare earth mineral mining and processing sector. China enters the rare earth element market There is, however, one mine near San Bernadino, California called Mountian Pass where the element bastnäsite is mined. Currently there are no processing facilities in the United States over fears of radioactive leakage. Still, the industry is identifying the proper ways to store or dispose of these materials, and no clear consensus has been reached. If these materials are not disposed of properly, there can be severe environmental consequences. The Environmental Protection Agency defines as TENORMs as “naturally occurring radioactive materials that have been concentrated or exposed to the accessible environment as a result of human activities such as manufacturing, mineral extraction, or water processing.” As the minerals are processed, Technologically Enhanced Naturally Occurring Radioactive Materials (TENORM) are created as a byproduct. Radioactivity and environmental dangerĪdditionally, when the minerals are refined, they often need to be separated from other elements like uranium which has radioactive properties. Economically, however, finding high concentrations in a specific area is “rare,” making establishing a mine and processing center costly.

These elements and metals are used to make the motors for hybrid and electric cars, generators for wind turbines, military-grade weapons, and other technologies.Ĭontrary to the name, the concentration of these elements within the earth’s surface is actually quite high.

Rare earth minerals are metallic elements found in the earth’s crust which can be processed into increasingly vauable commodities.

Major exporter of mineral water