How a single American company lost its global monopoly on essential rare earth elements

Rare earth elements are the hidden ingredients in everything from smartphones to electric vehicles. Once dominated by a single U.S. firm, the industry now sits under Chinese control. This episode traces the rise and fall of that American giant and explores whether the U.S. can reclaim its position.

Rare earth elements are critical components for modern technology, powering devices ranging from microwaves to advanced electric vehicles. For a period, the United States held a total monopoly on this industry through one specific company, effectively controlling the supply chain for these essential materials.

The landscape shifted dramatically as China ascended to dominate both the mining and processing of these elements. Today, China leverages this control as a significant political tool. This narrative examines the corporate history of the American firm that once defined the industry, illustrating the transition of power and the challenges inherent in attempting to rebuild domestic production.

Source: Battlefield rare earths: How the U.S. lost to China | Planet Money