Rare earth elements — including neodymium, dysprosium, and cerium — are the critical minerals used in permanent magnets, EV motors, wind turbines, and defense electronics. China controls the vast majority of global rare earth production and processing, making supply chain diversification a strategic priority for Western governments and manufacturers. MP Materials operates the only active rare earth mine in the US, Lynas Rare Earths processes ore in Malaysia and Australia, and Energy Fuels is expanding into rare earth extraction alongside its uranium operations.
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