Rare earth elements, which are important in the production of microchips, electronics, and electric motors, have become extremely sought after, and for many years, these elements were almost exclusively sourced in China. However, several nations have, in recent years, either initiated production or increased their current production, resulting in a slightly more diverse rare earths market.
The U.S. Geological Survey reports that China was still responsible for more than two thirds of global production; however, it has also become clear that many countries are wary of depending on China's supply of rare earths, suggesting that other producers of the elements may have a market advantage.
While China has the largest known deposits of the elements, Brazil, Vietnam, and Russia are thought to have a lot of untapped potential. The U.S., which produced rare earths previously for use in the military, has recently reentered the market as rare earths continue to become more lucrative and crucial in the implantation of technology.
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