Rare-earth magnets are needed for F-35 jet fighters, missile-guidance systems, Predator drones and nuclear submarines. The problem: China makes most of the world’s rare-earth magnets, with 92% of the global market share.

“We’re not going to be able to simply flip a switch and get to where we want to be,” said Anthony Di Stasio, a senior U.S. defense official. “The only thing that you can really judge success on right now is how many positive ripples have you made from throwing the rock into the lake.”

“What I would tell you on that is that we’re talking about a Western-world supply chain that basically doesn’t exist,” said Chief Executive James Litinsky. “Even though the environment is tough, from what we’re hearing from customers, there’s still a desire for this supply chain to exist.”

https://www.msn.com/en-us/money/companies/america-s-war-machine-runs-on-rare-earth-magnets-china-owns-that-market/ar-AA1o7h2f