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China's near-monopoly on rare earth element refining has given it significant leverage in global trade. This dominance, built over decades, involved initially chaotic, polluting domestic mining, followed by a government-led consolidation into six state-owned firms. China's recent restrictions on rare earth exports, implemented this spring, have disrupted global supply chains and prompted renewed interest in U.S. rare earth production. Companies like Phoenix Tailings are now expanding to meet growing demand and reduce reliance on China.

Prepared by Christopher Adams and reviewed by editorial team.