‘Making a dent’: race is on to reap rare earths elsewhere amid China’s dominance

‘If China imposes export restrictions on rare earth components, the US will just find alternative sources,’ former AmCham China chair says, pointing to challenges

“We’ll start making a dent next year on the magnet side,” USA Rare Earth CEO Joshua Ballard said. “We’re not going to be the full answer, but we’re going to make a dent.”

USA Rare Earth runs a magnet-making plant in the US state of Oklahoma, where it expects annual revenue of up to US$800 million, at full capacity, from clients eager for components that build consumer electronics, electric vehicles and robotics.

The same company is currently working on separation technology for its rare earth deposit in the neighbouring state of Texas, again serving eager American clients.