The United States started investing more attention in domestic rare-earth element manufacturing in a bid to lessen its foreign dependency on rare-earth magnets, Fox News reported.
This allocation of concern came as a response to China dominating the rare-earth element supply chain for decades. "The foreign dependency is real. It's actually not getting better," Noven Magnetics Inc.'s CEO Scott Dunn reportedly said. According to Dunn, the company working to make its stance in the industry by recycling old magnets to make new ones, thus utilizing a "sustainable shortcut."
The rare-earth magnets are used as a key component in electric vehicles, defense technology, computers, and cell phones. According to US federal data, 90% of the global magnet production is based in China, which is close to a monopoly in the industry. "The future of Texas and the United States should not depend on China," Governor of Texas Greg Abbott stated, referring to the rare-earth magnet industry.
