The world is in desperate need for rare earth supply outside of China. Not only is the U.S. trying to new supply, Europe is in desperate need, too. In fact, according to the South China Morning Post, “In a speech touting the bloc’s ‘industry strategy’ this week, European Commission President Ursula von der Leyen pointed to the scarcity of raw materials needed to power the switch to electric vehicles and green energy sources, much of which are buried in China.”
“We import lithium for electric cars, platinum to produce clean hydrogen, silicon metal for solar panels,” she added. “Ninety-eight per cent of the rare earth elements we need come from a single supplier: China. This is not sustainable. So we must diversify our supply chains.”
The situation has become so dire President Biden signed an executive order on supply chain security, noting, “From rare earths in our electric motors and generators to the carbon fibre used for aeroplanes – the United States needs to ensure we are not dependent upon foreign sources or single points of failure in times of national emergency.”
All is fueling momentum for some of the world’s top rare earth suppliers, such as Lynas Rare Earths Limited and MP Materials Corp.
