Understanding Rare Earths Production

Rare earth elements are not as rare as their name suggests; they are often produced as byproducts of mining processes for various metals like nickel, copper, and uranium. The refining process for these elements involves taking waste materials, known as slag, and further purifying them, which is a labor-intensive and environmentally damaging task. Historically, China has dominated the market due to their ability to handle the dirty production process and their capital-driven economics, which allowed them to supersaturate the market with low-cost rare earths. This has made other countries hesitant to invest in their own processing capacities, despite the availability of resources in regions such as Australia, Malaysia, and the U.S.