The coronavirus has put pressure on US companies to reduce their dependence on China for various goods and resources. One such resource is rare earth minerals, which are vital building blocks for many everyday devices like DVDs, smartphones and magnets to larger things like medical imaging machines and advanced defence weaponry. China currently controls 90% of production and has long dominated the rare earth mineral market when it comes to both mining and processing these critical minerals.
However, this may soon change. In western Texas an ordinary mountain called Round Top has been found to contain five out of six light rare earth minerals, 10 out of 11 rare earth minerals and all five permanent magnet materials. It also contains large deposits of lithium, which is critical for batteries. Round Top is thought to offer a 130-year supply of critical minerals. This will reduce the US’ dependence on China. Commercial production for the mine is anticipated to begin in 2023. Developers expect to produce 2,000 tons of rare earth magnets per year, which would fill 17% of domestic demand.
Being able to produce these critical materials will allow the US to be more independent and create even more jobs.
