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Rare Earth Minerals and 21st Century Industry - Webcast

The webcast of the COMMITTEE ON SCIENCE AND TECHNOLOGY - SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT looked into Rare Earth Minerals and 21st Century Industry back on March 16th included testimony from Molycorp CEO Mark Smith. I've included a video excerpt of his testimony below.


Global Supply Concerns and Implications for the U.S.

Today, the production of rare earths, and the metals and magnets that derive from them,

is overwhelmingly dominated by China.  At present, China produces 97% of the world’s rare

earth supply, almost 100% of the associated metal production, and 80% of the rare earth

magnets.  Complicating this picture even further, China’s national consumption of rare earth

resources is growing at an intense pace, consistent with their meteoric GDP growth, and it is

leaving the rest of the world with less of these critical materials just as the clean energy economy

is beginning to gain momentum.

Global Supply Concerns and Implications for the U.S.

Today, the production of rare earths, and the metals and magnets that derive from them, is overwhelmingly dominated by China.  At present, China produces 97% of the world’s rare earth supply, almost 100% of the associated metal production, and 80% of the rare earth magnets.  Complicating this picture even further, China’s national consumption of rare earth resources is growing at an intense pace, consistent with their meteoric GDP growth, and it is leaving the rest of the world with less of these critical materials just as the clean energy economy is beginning to gain momentum.

Click here to view the full Webcast and here for more information on the entire  hearing on rare earth metals.