| Summary: | A report on how China has become the world leader of rare earth metals, essential ingredients used in everything from smart phones and computers to cars and missiles. The U.S. began the cultivation of these materials at Molycorp, Inc.'s mine in Mountain Pass, California after geologists identified rare earth elements in the Mojave Desert, but it was shut down in 1998 due to environmental concerns. Meanwhile, China took over the industry since they have less environmental constraints around mining and lower labor costs, which translates into lower pricing. Molycorp Inc.'s Mountain Pass mine reopened in 2010. Includes interviews with: Constantine Karayannopoulos, chairman of Molycorp, Inc.; Daniel McGroarty, principal of Carmot Strategic Group; and Ed Richardson, president of the U.S. Magnetic Materials Association.
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