This week President Obama criticized China for curtailing its exports of more than a dozen rare-Earth metals, which are essential for making high-tech goods, including hybrid cars, weapons, flat-screen TVs, mobile phones and more.
The United States led the production of the rare Earth materials needed for these products until the 1990s, but with lower production costs in China, mines elsewhere shut down.
This proved beneficial for China, as the country now has a virtual monopoly on rare Earth elements and, after beginning to restrict exports in 2006, prices for neodymium, yttrium and other elements with funny names have risen substantially.
The rising prices have prompted other countries, including the United States, to begin developing these resources anew. Mountain Pass Mine in California, which closed in 2002, should be back in full operation later this spring.
Texas may also have substantial reserves, El Paso Inc. reports. A company called Texas Rare Earth Resources Corp. is exploring the development of Round Top Mountain, near Sierra Blanca in West Texas.
Source: Houston Chronicle
By Eric Berger