US Firms Are Snapping Up the Rare Earths Europe Needs to Rearm

As Europe embarks on a historic rearming effort, its defense companies are scrambling for a vital component in high-tech weapons: rare earth minerals, which more nimble US rivals are scooping up.

Despite a one-year rare earths trade war truce between the US and China, Beijing maintains tight controls on supplies and prohibits sales to companies that produce weapons.

That has made stockpiles already outside China even more precious — European rare earths supplies may begin running dry in months by some estimates — and incentivized defense companies to be quick and ruthless in securing them.

So far, US companies have ...