The International Business Times reported that the U.S.Department of Energy plans to allocate $120 million to fund the creation of a rare earths research facility in a bid to become less dependant on China for rare earths supply.

As quoted in the market report:

Over the weekend, David Danielson, the U.S. assistant secretary for renewable energy, said the Critical Materials Institute research facility will work on scouting potential substitutes for rare earths, encourage the reuse and recycling of rare earth elements as most importantly, aid the increase of domestic production of rare earth elements in the U.S.

To view the full International Business Times report, click here.