MP Materials (MP.N), Lynas Rare Earths (LYC.AX) and other Western rare earths companies have struggled at times to deploy it due to technical complexities and pollution concerns.
"The existing rare earths refining process is a nightmare," said Isabel Barton, a mining and geological engineering professor at the University of Arizona.
Fannon and several U.S. politicians have called for Western governments to create central rare earths processing hubs, a plan already being pursued by Canada.
In Saskatchewan, government scientists are working to launch their own rare earths processing technology after attempts to buy Chinese technology sputtered in 2020.
"These new sources for rare earths are going to be paramount if we're going to reach global net zero targets," said Steve Schoffstall of the Sprott Energy Transition Materials ETF (SETM.O), which holds shares in several rare earths companies.
Persons:
Isabel Barton, Michael Schrider, Ucore, Luisa Moreno, REETec, Robert Fox, Frank Fannon, Mike Crabtree, Crabtree, Steve Schoffstall, Ernest Scheyder, Veronica Brown, Claudia Parsons
Organizations:
International Energy Agency, University of Arizona, U.S . Air Force, Pentagon, Defense Metals, U.S . Department of Energy's, U.S . Department of Energy's Idaho National Laboratory, Saskatchewan Research Council, SRC, Ucore, Reuters, Thomson
Locations:
ALEXANDRIA, Louisiana, China, United States, U.S, American, Alaska, of New Orleans, British Columbia, South Africa, Florida, Norway, Massachusetts, U.S . Department of Energy's Idaho, Wyoming, Canada, Saskatchewan