China’s rare earth dominance has pushed United States policymakers and critical minerals companies into a long, expensive race to rebuild supply chains.
REalloys chief executive Lipi Sternheim framed the problem bluntly in a May 22 Bloomberg Businessweek interview. She compared China’s rare earth position to the old power of oil cartels, but with fewer checks on Beijing’s influence.
Rare earth magnets help power missiles, iPhones, electric vehicles and humanoid robots. Additionally, the supply chain runs through mining, separation, processing, metallizing and magnet manufacturing.
China controls each major stage. That leaves Western companies trying to build alternatives across several complicated industries at once.
Radioactive uranium and thorium can also complicate rare earth processing. Consequently, permitting can slow projects before companies pour concrete or install equipment.
Sternheim said REalloys chose a site 35 kilometres from Uranium City, Saskatchewan, because Canadian permits move faster than United States approvals. The company plans to process heavy rare earths, including dysprosium and terbium.
Lynas Rare Earths Ltd. (ASX: LYC) dropped plans for a Texas processing plant this year after radioactive-material permitting problems. However, that decision showed how difficult domestic rare earth expansion remains.
Prediction markets have also reflected investor skepticism. A Polymarket contract asking whether China would announce rare earth export relief by May 22 resolved “No.”
That market closed at 0.001 after USD$55,632 in volume. Meanwhile, a separate market tied to a Boeing aircraft purchase resolved “Yes” at 0.999.
The message was simple. Beijing may trade aircraft orders, but it appears unwilling to trade away rare earth leverage.
Read more: NevGold launches 20,000-metre drill campaign at Nevada antimony-gold project
Read more: NevGold pushes toward potential 2027 antimony production at Limousine Butte
Multiple companies have taken steps to meet critical demand
MP Materials Corp. (NYSE: MP) reported Q1 2026 revenue of USD$90.65 million, up 49 per cent year over year. The company also produced a record 917 metric tons of NdPr material.
A United States Department of Energy price protection agreement generated USD$42.3 million in specialized income for MP Materials. Furthermore, the agreement showed Washington’s willingness to support domestic supply.
USA Rare Earth Inc. (NASDAQ: USAR) posted Q1 revenue of USD$5.70 million from its Less Common Metals subsidiary in the United Kingdom. The company also secured a USD$1.6 billion Department of Commerce CHIPS funding package.
Energy Fuels Inc. (NYSE American: UUUU) operates the only domestic conventional uranium mill in the United States. It also processes monazite for rare earth oxides.
That structure helps Energy Fuels manage radioactive byproducts that have created hurdles for other companies.
The United States government has pursued several strategies to reduce China’s advantage. Additionally, the FAST-41 permitting program has helped advance critical mineral and defense-related projects.
Perpetua Resources Corp. (NASDAQ: PPTA) (TSE: PPTA) has used the process to move its antimony project forward. Antimony has gained attention because it supports ammunition, batteries and other defense-linked uses.
In addition, companies such as NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) have promoted antimony exposure as investors look beyond rare earths. The broader push shows how China’s mineral leverage now reaches across several strategic supply chains.
NevGold Corp is a sponsor of Mugglehead news coverage
.
