Problem is, the technology of refining Rare Earth Material has already existed outside China, both Canada and Australia, to a lesser degree, Vietnam and Brazil already have had their technology developed. As I said previously, since the trade volume is very low, it would not cost the US billions of dollars to switch in order to make a difference...
Perth-based company Iluka Resources is set to build Australia’s first integrated rare earths refinery at Eneabba, Western Australia, following a final investment decision earlier this week.
www.wa.gov.au
Iluka Resources on Monday committed to building Australia's first rare earths refinery after lining up A$1 billion ($749 million) in cheap debt from the government, which wants to diversify critical minerals supply away from China.
www.reuters.com
The Vancouver-based company commissioned a study aimed at finding the most favourable conditions across six regions within the subcontinent.
www.mining.com
Also, it's not about profits, it's about resource security, I am pretty damn sure US will continue to buy Chinese REE products as long as the sales continue uninterrupted. But that does not mean US cannot or should not devote money to secure alternative source in case that supply chain was interrupted.