The United States dominated the rare earth industry in the 1980s with domestic miners leading the world in extraction and American scientists spearheading breakthroughs in using these 17 elements to develop permanent magnets and new generations of batteries.
However, within a decade, China became the world’s leading producer of rare earths and critical minerals essential in modern electronics, including those with military applications, and by 2024, it commanded a near monopoly, with its industries controlling 90 percent of the global rare earths refining market.
