I have been following news on China’s supposed near monopoly on rare earth elements for some time now and reports like this one seem to bear out my opinion that things will settle out quickly. There are other projects around the world which can produce these important high technology elements. They have only been kept out of production because the Chinese were selling at prices lower than Western production could support.
So the good news is, we got materials at low prices from the Chinese for years and created new wealth from them. And the other good news is, their attempt to extract a windfall profit is likely to fall on its face. And even better news is that one of the important new mines will be in Nebraska so even if the National Socialist Republic of California pushes prices from the old mines there into a range that keeps them closed, we will still be pulling them out of the ground in one of the Free States.