Despite strained diplomatic ties, the US is pressing ahead with a $50 million investment in South Africa’s Phalaborwa Rare Earths Project, highlighting the strategic importance of critical minerals. The project, led by Rainbow Rare Earths, aims to extract key elements from mining waste, offering a lower-cost and more sustainable alternative to traditional mining. This move strengthens US efforts to reduce dependence on China, which dominates global rare earth supply chains. Rainbow Rare Earths aims to extract rare earths like neodymium and dysprosium, which power everything from electric vehicles to defense systems. If successful, the project could start production by 2028, with plans to run mostly on renewable energy.
AP
