“China’s dominance of rare earth elements sparks concern” One America News Network
As consumer trends change, demand for items that require rare earth elements continue to rise. However, that industry has been dominated by China, in turn, sparking concern among company officials and lawmakers on Capitol Hill. One America’s Stephanie Myers sat down with Geomega Resources President Kiril Mugerman to discuss the threat.
“Today, the USA is already producing rare earth elements but the problem is that it’s all going to China. It goes to China and it is refined there. As it’s refined, it’s made into magnets. What we need to hear more is what the US has started taking steps towards now with the most recent proposal by Senator Ted Cruz to subsidize the purchases of those process materials when they are produced in North America. Right now, that’s looking like the most important and best step forward to take that control. We know that’s exactly what China does when they subsidize local producers. There are so many discounts for them, but that’s something that’s missing in the USA right now.” Kiril Mugerman
Thanks to the One America News Network for featuring us to discuss this important topic.