Without rare earth elements (REEs), there can be no global clean energy transition.
It's fortunate, then, that they aren't as scarce as their appellation suggests . Found in multiple types of geological environments worldwide, rare earths deposits are overall more plentiful than silver , gold and platinum . The problem is that many of these deposits are not commercially viable, something that has created an unequal, unstable global market for these critical minerals.
It is for this reason that, although rare earths were first discovered and put to industrial use in North America, recent production of these minerals has largely been concentrated in China . Owing to lower labor costs and looser environmental regulations, the country has effectively cornered the global market , becoming the world's predominant producer and refiner of rare earths.
For further details see:
Monazite’s Potential Role in the Critical Minerals Industry