97% of production is in China, mostly from Bayan Obo and illegal operations in the south. They're thought to have 30-40% of identified REE reserves because the

97% of production is in China, mostly from Bayan Obo and illegal operations in the south. They're thought to have 30-40% of identified REE reserves because the cost to mine & process them is prohibitive. China fixes REE prices to keep competitors out of the market and promote domestic manufacturing.