The rare earth oxides are in mud on the seafloor in 18,700 feet of water. The concentration is only 0.66%, which is a lot lower than other known ore bodies on land. Mountain Pass in California is about 8.9% rare earth oxides.
https://en.wikipedia.org/wiki/Minami-Tori-shima#Minami-Tori-...
https://en.wikipedia.org/wiki/Mountain_Pass_rare_earth_mine#...