A couple of hours outside Houston, in a remote field near a Dow Chemical plant, America¡¯s bid to undercut China¡¯s grip on the global supply of rare earth minerals critical to high technology has yet to break ground.
Even when it does, China¡¯s dominance of the market ¡ª it controls about 70% of output and more than 90% of refining ¡ª means that goal will likely remain out of reach.
The Texas plant, to be built by Australia-based Lynas Rare Earths, represents a fraction of billions of dollars in subsidies and loans promised for the production and refining of the minerals in the U.S. and its key allies. For the 60-hectare site, Lynas won more than $300 million in Pentagon contracts. If all goes to plan, it will be operating a plant to process rare earths there in two years.
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