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I think it’s a bit like TMSC and bringing back chip manufacturing. Sounds easy in theory till you go to do it.

My cursory understanding of why we don’t process this stuff anymore is environmental degradation more so than money.

Happy to ship the externalities elsewhere while it cheap and we’re on good/friendly terms.

Yes, though money is still a big part of it. An Australian company (Lynas) developed the capability but was struggling to get investment largely because they couldn't produce them as cheaply as China's scale/subsidies/etc could.

When Japan was temporarily cut off from rare earths they became an investor (willing to pay more to reduce single-vendor risks), but apparently it was hard to get the US at the time to care enough. At least that's the story that was floating around.

"…as cheaply as China's scale/subsidies/etc could."

Not an issue if China blockades sales. There are strategic and security issues so governments should also mandate production.

... if they are reasonably bright and are thinking reasonably far ahead, and care about their country

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