Crucial rare earths industry under Chinese monopoly [CBS News]
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Source: CBS News
Rare earth elements have become critical components in everything from the phones we carry to the cars we drive to the F-35 jet fighter our military says will keep us superior on the battlefield. But an industry born in the U.S. decades ago has gradually shifted to China, where nearly 90 percent of the crucial metals are mined and processed for the rest of the world. Lesley Stahl reports on this troubling trend and the latest news that the biggest rare earths mine and processing facility outside China is in financial trouble. Her story will be broadcast on 60 Minutes Sunday, March 22 at 7 p.m. ET/PT. Rare earths are metals that, among other uses, have become a bedrock of the miniaturization process, enabling the electronics we use to be compact and effective. Tiny, super-powerful magnets made from these metals have become crucial in the consumer electronics, green energy and defense industries. The Department of Defense, whose new F-35 contains approximately half ton of
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