There has been some concern in recent years as to rare earth's being depleted or becoming scarcer due to rapid increases in cell phone production, electric cars or hybrids which use them for motors/electronics, military and high-tech equipment, etc......China is a major supplier (some 97 percent) and is starting to restrict sales/hoarding. So the race is on to find new sources of rare earth's with some promising results although there are still economic and environmental concerns. A recent discovery indicates that portions of the ocean floor contain abundant amounts of rare earth's...manganese nodules as well.... and some companies in the US are exploring sites in this country and elsewhere. The US use to be a major supplier but has closed many mines due to restrictions and labor costs...cheaper to buy from China but that may change as demand rises and for national security issues.
"Huge rare earth deposits found in Pacific: Japan experts
TOKYO (Reuters) – Vast deposits of rare earth minerals, crucial in making high-tech electronics products, have been found on the floor of the Pacific Ocean and can be readily extracted, Japanese scientists said on Monday.
"The deposits have a heavy concentration of rare earths. Just one square kilometer (0.4 square mile) of deposits will be able to provide one-fifth of the current global annual consumption," said Yasuhiro Kato, an associate professor of earth science at the University of Tokyo."
http://old.news.yahoo.com/s/nm/20110704/ts_nm/us_rareearth_japan
http://www.nytimes.com/gwire/2010/07/23/23greenwire-rush-on-for-rare-earths-as-us-firms-seek-to-co-58814.html?pagewanted=all
http://www.nytimes.com/2010/11/09/science/09seafloor.html?_r=1&hpw
http://video.nytimes.com/video/2010/11/09/multimedia/1248069308573/the-future-of-mining-under-the-sea.html
http://gas2.org/2008/10/13/lithium-counterpoint-no-shortage-for-electric-cars/
http://www.bbc.co.uk/news/world-asia-pacific-13777439