Rare earth metals aren’t so much rare as they are a nightmare to extract and in the past two years, EXPENSIVE. The problem with the useful little elements is the mining process, which is extremely damaging to the environment, making many countries less than keen on doing it themselves… the old N.I.M.B.Y. (Not In My BackYard) mentality.
China has been one of the few countries willing to take on the environmental risks of mining which has made it a major supplier of rare earth metals across the globe.
So what happens when China decides to cut back? Well, the price skyrockets and major consumers like the United States have to find alternative suppliers.
Source: Zepol
By Cori Rogers