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Can an Oklahoma company break China's grip on rare earth magnets?

CBS News · 29 days ago
CBS News
CBS News
29 days ago

China produces as much as 95% of the world's rare earth magnets, but an Oklahoma-based company is hoping to change that by bringing the crucial supply chain back to the U.S. Jason Allen reports.

BreakdownGenerated by LeadStory AI
  • China currently supplies up to 95% of the world's rare earth magnets, creating a significant supply chain dependency. 51s
  • USA Rare Earth, based in Oklahoma, is working to establish domestic production of rare earth magnets. 57s
  • The company plans to produce up to 5,000 tons of magnets annually, about 10% of US demand. 1m 18s
  • Rare earth magnets are critical for technologies such as electric vehicles, smartphones, and military equipment. 1m 45s
  • USA Rare Earth expects to have the necessary equipment for mass production in place by early next year. 2m 29s
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