Rare earth elements are a class of metals that will play a major role in the world’s transition from fossil fuels to clean renewable energy. They are used in the development of computers, solar panels, wind turbines, electric cars, lasers, magnets for vehicles and other devices, precision-guided weapons, and other critical technologies in the defense departments. Demand for these metals is poised to increase exponentially in the coming years as countries ramp up investment in renewable energy.

However, the rare earth elements industry is plagued by one major problem: China has monopolized most of the world’s supply of…

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