Why Rare Earths from Companies Backed by $3 Billion from the US Department of War Are Heading to Japan and South Korea
MP Materials, Energy Fuels, and Phoenix Tailings secured more than $3 billion combined in government loans and M&A in June 2026, but the main buyers of their output are Japanese companies via Sumitomo Corporation of Americas and South Korean manufacturers. US neodymium magnet production capacity remains under 1,000 tons per year.