You are partially correct. China has made REE's unprofitable to mine for others by cutting prices. In that regard, you could consider them rare, but they are abundant within the earth. Since they are unprofitable to mine, KATX's discovery may not mean much.
Ree's are expensive to mine in US and other countries that have enviromental laws. We have plenty in the US but the mines have shut down due to low prices from China who mine Ree's at a loss, cheap labor, no enviroment concerns, and gov't funded. It has been posted on this bd as recently as yesterday. Check it out for a clearer explanation than I gave.
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