Rare earth metals actually are not rare, they are simply more expensive to mine than most metals. The rare earth elements are contained in iron ore tailings in the mid-west US among other places. 
 
China controls much of the rare earth metal market. China produces around 87% of rare earth metals now, their less stringent environmental regulations mean the refining process is less expensive than in the US.
 
Rare earth materials play a critical role in enhancing the efficiency and performance of batteres used in electric vehicles.  They provide signigicant energy density.  
 
Rare earth materials are critical to high-performance optics and lasers, and essential to the most powerful magnets and superconductors in the world. 
 
They are useful for the defense industry.  Rare earth metals are good for use in high-techbattery  applications.  Rare earth metals are not as profitable as some other ore because of the high cost of separating the ore frrom surrounding earth and iron filings.    This has made them less desirable in the past thus giving the name rare earth. 
 
Rare earth elements are millimeter-sized crystals known as fluorapatite found in deposits of iron ore.  When the iron was mined, the fluorapatite was usually left behind as waste since it was considered an unwanted impurity.  
 
The ores are rich in yttrium, lanthanum, and neodymium.  Chinese dominance of rare earth supplies causes problems as China restricts export, it imposed quotas on the metals.   U.S extraction of rare earth materials has commenced.  
 
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