Rare earth elements drive the backbone of today’s technology, from smartphones and electric vehicles to military hardware and medical devices. These 17 metals, with their unique magnetic and chemical traits, keep industries running smoothly. Yet global reserves stand at just over 90 million metric tons, and at today’s mining pace, they could dwindle in a few decades.
China has held the reins on this market for years, extracting nearly 3.5 million metric tons between 1994 and 2024 alone—far outpacing the United States.
Beyond mining, Beijing commands most of the world’s refining, turning raw ore into usable products. This setup leaves America exposed, especially in defense where permanent magnets and alloys rely on steady supplies, or in renewables where turbines and motors demand these materials without interruption.
Recent export curbs from China on key rare earths for magnets only tighten the squeeze, forcing manufacturers to scramble amid price swings and political tensions. The U.S. remains 93% dependent on imports for these elements, alongside graphite, putting national interests at risk from a single foreign power.
That vulnerability may soon crack, thanks to findings at Alaska’s Graphite Creek deposit near Nome. Graphite One Inc., the company behind the project, recently confirmed rare earth elements embedded in garnet-bearing rock at the site, already known as the largest graphite reserve in the country. Early tests reveal concentrations of neodymium, praseodymium, terbium, and dysprosium—crucial for high-tech applications.
“The presence of Rare Earths at Graphite Creek suggests that recovery as a by-product to our graphite production will maximize the value.”