US-backed rare earths flow to Japan and South Korea as domestic demand lags
US rare earth companies MP Materials, Energy Fuels and Phoenix Tailings — which have collectively received billions in US government funding — are selling their output mainly to Japan and South Korea. American domestic demand for rare earths has yet to materialise despite the Trump administration's drive to build a national supply chain. China's restrictions on rare earth exports have made the metals a national security concern, as they are essential for weapons systems, EV batteries and other critical technologies.
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