On Monday, we noted that a shortage of rare earth materials used in advanced batteries and electric motors could affect the production of electric vehicles and wind turbines.
Reuters followed up with a report about an open-pit mine in Mountain Pass, California, that may soon be put back into operation to compete with mines in China that currently provide about 97% of global supply for these materials.
Colorado-based Molycorp Minerals LLC plans to reopen the mine, which shut down in the 1990s when Chinese competition caused prices to drop. But now that demand–driven by green technology–is expected to overshoot supply, investors have lined up to put the mine back in operation with a new, advanced extraction process.
Read the full report at the link below.
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