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.
